Kent H. Cannon has been named president of Beneficial Life Insurance Co., succeeding Jay B Horrocks, who is retiring after 40 years with the company, the past eight as president.
The appointment will be effective July 1, according to Chairman Boyd K. Packer, who is acting president of The Quorum of the Twelve of The Church of Jesus Christ of Latter-day Saints.Beneficial Life, based in Salt Lake City, is the Intermountain West's oldest and largest life insurance company, offering a full line of life and annuity products.
Cannon's appointment came at a meeting Wednesday of the company's board of directors during which he and two others were named directors. In addition to Cannon, the new directors are: Elder L. Aldin Porter, Salt Lake City, a member of the Presidency of the Seventy of the LDS Church. He is a former insurance agency manager and executive of a financial planning company; and Rulon E. Rasmussen, Sandy, a veteran of the insurance industry and former president of the Million Dollar Roundtable.
Cannon, Salt Lake City, has been serving as executive vice president and actuary for Beneficial Life and has been an officer of the company since 1985. He is a Fellow in the Society of Actuaries and earlier served several years as a principal in a consulting actuarial firm.
"Mr. Cannon brings a wealth of valuable experience to his new assignment at a time when the insurance industry faces opportunities and challenges that should serve to emphasize the quality of Beneficial Life's products and management," President Packer said.
"I have a great appreciation for Beneficial Life's heritage and traditions," Cannon said, "as well as the opportunities and prospects for future growth and service to the policyholders."