This is not the first financial disaster Beneficial CEO Kent Cannon has been responsible for. The Utah Home Fire/Hurricane Andrew event cost the Church a hugh sum of money as the current event will likely also involve huge losses. It is time to get get rid of Cannon and sell Beneficial to make the Church whole. The Church has no business being in the insurance business.

I can also verify that this isn't the first financial disaster CEO Kent Cannon has been a part of, (and my other example is different than the one posted in the comment above) and agree that his ouster should take place. Beneficial is not a well ran company and the amount of money wasted there is astounding. It's really sad to see.

I would have to say that the above comments do not due the present situation justice. Hindsight is always 20/20. Over the last decade Beneficial has made huge advancements in its ability to bless the lives of the people who purchase Beneficial insurance. These marvelous advancements are in part due to the leadership of its current CEO. Beneficial is a wonderful company, which puts the needs of the customer first. How wonderful to finally have an insurance company with integrity. I have always used Beneficial Financial, and always been satisfied with my services.

Beneficial does operate with absolute integrity when dealing with its policyholders and has blessed the lives of many. This is not the result of the current CEO's leadership. It is part of Beneficial's roots and ownership. However, Beneficial is not the only insurance company that operates with integrity. There are many insurance companies that operate with integrity on par with Beneficial that also bless the lives of those they serve.

Yes, it is easy to point fingers at a CEO after a negative event. However, there have been numerous warning signs of poor judgement and leadership during Cannon's term which have been ignored for the sake of profits and probably bonuses. While other companies have recently had similar issues, they have not been of the relative magnitude facing Beneficial. Many of those CEOs have taken responsibility for their losses and have stepped down. It is time for those responsible at Beneficial to do the same starting with Cannon. Those responsible for the investment area should also do the same.

A final question for Beneficial, where was your Board of Directors and auditors? Why did your risk management process, if there is one, fail?