I am wondering what is the purpose for the insurance companies to pay for the services of credit rating agencies? For the corporations and banks the purpose is quite clear: they need ratings in order to attract investment. But in the case with insurance companies they do not need to attract investments as they have enough money (from the underwriting activity) and they are actually one of the biggest institutional investors themselves.
I searched in the internet but didn't find any clear answer to this question.
Will be very interesting to read your thoughts.