Egan-Jones Ratings started providing ratings in 1995 for the purpose of issuing timely, accurate ratings. The firm rapidly gained credibility by flagging the failures of Enron and WorldCom, and has since established itself as a leading global provider of credit ratings. Egan-Jones is a Nationally Recognized Statistical Rating Organization (NRSRO) and is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider. Egan-Jones is also certified by the European Securities and Markets Authority (ESMA) to operate in the EU . Studies by the Federal Reserve and prestigious academic institutions confirm that over time, ratings from the largest NRSROs tend to converge toward the Egan-Jones Rating. Egan-Jones Proxy Services is one of the leading proxy advisory firms globally.