In a medium pot, add water and rice and bring to a boil on medium-high heat. Once boiling, reduce heat and simmer for 25 – 30 minutes.
Preheat oven to 325°F.
While rice is simmering, add eggs, milk, sugar, vanilla, salt, and cinnamon to a large bowl. Mix until combined, then stir in the rice and raisins.
Pour into a lightly greased 8×8 baking dish and bake, uncovered, for 30 minutes.
Stir pudding and sprinkle with nutmeg and bake for an additional 20 – 25 minutes.