Insurers probed by US prosecutors over their private credit investments paid millions of dollars to a tiny credit‑rating agency amid rising concerns about conflicts of interest. Delaware Life and Clear Spring, two insurers majority owned by billionaire investor Mark Walter, have together paid $8mn to Egan‑Jones since 2024, according to filings reviewed by the FT.

Walter, who owns the LA Dodgers and Lakers and has a stake in Chelsea Football Club, faces a wide‑ranging probe into the private credit holdings of insurers he controls through his investment firm TWG Global.

The insurers reclassified billions of dollars in private credit holdings after probes by US prosecutors and the SEC, pushing Delaware Life’s affiliated assets from 3 % of its portfolio to 42 %. A large portion of those investments were rated by the small provider, raising questions about potential conflicts of interest. Insurers may have shopped for lenient ratings to reduce capital requirements.

Egan‑Jones has come under scrutiny for supporting the rapid growth of private credit, with about 20 analysts issuing thousands of ratings. Of only four US life insurers that disclosed fees paid to Egan‑Jones in 2025, three were linked to Walter: Delaware Life, Clear Spring and Equi Trust.