Weiss Group L.L.C. has repurchased an independent bank and insurance rating business from TheStreet.com Inc.
TheStreet.com Inc., New York, bought the Jupiter, Fla., rating business from Weiss in 2006, around the time that Martin Weiss negotiated a settlement with the U.S. Securities and Exchange Commission over whether the business had been acting as a publisher or an investment advisor when it made investment recommendations. The case involved allegations relating to promotional materials and not with the underlying analyses or ratings, Martin Weiss wrote in a comment on the settlement posted in 2006.
Martin Weiss, chairman of Weiss Group, who founded the Weiss Ratings business in 1971, will be taking it back under his wing. He has hired the Weiss Ratings employees from The Street.com and will be keeping them in their current offices in Jupiter.
Weiss Ratings is different from the large insurance rating agencies because it accepts no compensation from the companies it rates, Martin Weiss says.
TheStreet.com has licensed the rights to continue to distribute Weiss Ratings bank and insurance ratings to its own customers, Martin Weiss says.