S&P Cuts Ratings On ING's US Life-Insurance Units

Standard & Poor's Ratings Services lowered its credit ratings on the six U.S. life-insurance units of ING Groep NV (ING), citing their importance to the company, along with their risk profile and recent performance and change in operating focus.

The Dutch financial services company has said it will make some significant changes in its U.S. operations with the launch of a "back-to-basics" strategy as it simplifies its overall structure. In May, ING posted a worse-than-expected first-quarter loss as impairments on real-estate and equity investments hit its insurance operations, while its banking business remained profitable despite heavy provisions against loan losses.

S&P, which lowered its ratings on the insurance units by one notch to A+, said ongoing performance pressures in both the banking and insurance operations may continue hurting results. An A+ rating is about halfway between AAA and junk and denotes satisfactory credit quality.

The ratings agency, which warned in April it was considering a downgrade, also cautioned Thursday it could further cut the ratings if ING notes higher-than-expected investment losses. S&P has negative outlook on the ratings, which means further downgrades aren't out of the question.

Vets fear outbreak of deadly dog virus

Dog owners in the Midlands are being urged to keep up to date with their pet pooches' vaccinations in order to avoid a potential claim on their pet insurance, as well as a great deal of heartache.

According to the Express and Star, vets fear a bout of the deadly parvovirus disease may be about to sweep the region after two dogs were struck down by the illness.

One animal was killed by the disease, while the other is currently fighting for its life after undergoing intensive care, and vets are keen to remind owners to ensure their dogs are protected.

Beth O'Neill, senior veterinary surgeon at the Lockwood Animal Hospital where the two pets were treated, said concern is growing that the two cases could mark the start of a regional outbreak.

"Pet owners need to check and make sure they are vaccinated and the sooner the better as the disease really can spread like wildfire," she advised.

The warning comes after research by US scientists published in the Lancet Infectious Diseases journal found that domestic dogs and cats can harbour the MRSA virus, which could be passed to owners if they are bitten.

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Why you might need travel insurance

Life is filled with unexpected moments, and many tend to occur on vacation or a business trip.

To help protect against unpleasant, unexpected moments, many people buy travel insurance before leaving home.

Many others wonder if it’s worth the additional expense, which generally starts at about 5% to 7% of your trip cost.

But depending on your circumstances, insurance could protect you against a wide range of potential problems.

“As a musician, I have to travel a lot for both business and pleasure,” said 40-year-old pianist and composer Jonathan Faiman of Hartsdale, Westchester. “Life is unpredictable, and it’s better to be safe than sorry. I always add the optional insurance when booking travel because it gives me added piece of mind.”

For someone like Faiman, insurance makes perfect sense.

“If I think I may need to cancel my travel plans or alter them considerably, by adding the cancel for any reason option to a travel insurance policy, I know I won’t ever lose money on otherwise nonrefundable travel,” he said. “This aspect of the policy alone has saved me a fortune.”

Dan McGinnity, a spokesman for insurance company Travel Guard, said, “Purchasing a travel insurance policy offers vacationers and business travelers alike added piece of mind, especially when traveling internationally.

“We offer free telephone assistance, available anytime, should any problem arise,” he said. “We’ll help fix the situation, whether it’s rebooking a missed flight, finding and paying for emergency medical attention for you, or helping you replace a lost or stolen passport.”

A comprehensive policy typically covers you if your plans are disrupted, your luggage is lost or stolen, or if you become ill or injured after purchasing the policy and need medical attention or, perhaps, an emergency evacuation.

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“Americans have a misconception that their existing health insurance will cover them anywhere,” McGinnity said. “It’s essential for travelers to determine, in advance, what their existing medical insurance will cover.”

Most standard policies don’t cover cancellations based on your state of mind. That means deciding you’re afraid to travel won’t be covered.

While not cheap, cancel for any reason coverage will cover all nonrefundable expenses.

“What you choose will determine your level of coverage, what will ultimately be covered and the policy’s cost,” McGinnity said.