Rinse rice under cold water until the water runs clear, then combine with water in a medium saucepan. Bring to a boil, reduce to low, cover, and simmer for 15 minutes until tender. Let sit covered for 10 minutes.

In a large mixing bowl, whisk together whole milk, sweetened condensed milk, eggs, cinnamon, nutmeg, and salt until smooth and creamy.

Gently fold the cooked rice into the custard mixture ensuring each grain is coated. If using, fold in raisins or dried fruit.

Preheat oven to 350°F (175°C). Pour the mixture into a greased baking dish and place in a water bath.

Bake for 45-55 minutes until the top is golden and slightly jiggly in the center.

Cool in the water bath for 10 minutes before transferring to a wire rack to cool completely. Serve chilled or warm with toppings.