Rice Pudding / Arroz con leche

I've been doing research on various sorts of rice pudding - the old version which calls for simply milk, nutmeg, sugar and rice and cooking in the oven for 3 hours - but this often boils when I'm not looking and causes a watery yuckiness ...

I tried a custard version, but the rice was undercooked, well - not undercooked, but not soft enough for rice pudding!

Today I found this version from Smitten Kitchen, made with condensed milk. At first, it seemed a little strange - soaking the rice in 4 cups of water? (which I did for like 5 hours instead of one hour, because I took a nap). I made a few tweaks to the original recipe because I love nutmeg in rice pudding and I love lots of raisins and I didn't have any vanilla - but I often find vanilla can be left out of lots of things with no notice! I didn't use the zest because I never thought of an orangey flavor in respect to rice pudding ... but perhaps I'll try it sometime ...

Anyway, it's cooling now and it seems perfect!! ( put some in the freezer for a quick cooling and I will try not to eat too much tonight ... the only problem is that it does make a great deal of pudding - probably enough for 8 normal servings?

1 cup long-grain white rice
1/4 tsp cinnamon
1/2 tsp nutmeg
Tiny pinch of ground allspice
4 cups water
1 egg
3 cups whole milk
1 can sweetened condensed milk
1/4 teaspoon salt
1 tablespoon vanilla (optional)
3/4 cup raisins

Soak the rice, cinnamon, lemon or orange zest, nutmeg, and allspice in the water in a heavy saucepan for 1 hour.

After soaking, bring the rice mixture to a boil on high heat, uncovered. When it starts to boil (about 5 minutes), lower the heat to medium and cook for 10 to 12 more minutes or until water is almost evaporated.

While rice is cooking, beat the egg in a bowl. Add the milk and raisins and stir well to mix. Add the egg mixture, condensed milk, salt, and raisins, to the rice and cook over medium-low heat, stirring carefully, until it thickens slightly or until desired consistency (when a spoon stands up in the pot seemed about right) about 25 to 35 minutes. It will thicken a bit more as it cools - so don't overcook it or let it boil.