New Michigan treasurer has background in insurance industry
Gov. Rick Snyder says Insurance and Financial Services (DIFS) Director Kevin Clinton will succeed departing Treasurer Andy Dillon next month.
Kevin Clinton will play an important role in the state’s financial intervention in struggling cities and schools. He admits he’ll have a lot of catching up to do when it comes to Detroit’s historic bankruptcy filing.
"I mean, I know what I’ve read in the paper,” Clinton said. “I’ve gotten some background on it. But I need to get up to speed. And that’s why I said it’s very good for Andy Dillon to be sticking around so I can get up to speed very quickly.”
Clinton was appointed to head the DIFS last March. Here’s an excerpt from his bio:
Before being appointed director, Mr. Clinton served for more than six years as president and CEO of American Physicians Capital, Inc. (APCapital), a publicly traded medical professional liability insurance provider based in East Lansing, MI. During his tenure at APCaptial, Clinton restructured the company to focus on core professional liability insurance lines of business, strengthened the balance sheet by reducing investment risk and gained investor confidence by restoring the company to profitability. Before becoming president and CEO, Clinton worked as the company's vice president and chief operating officer.
Prior to joining APCapital in 2001, Mr. Clinton served for nearly five years as president and CEO of MEEMIC Insurance Company, a publicly traded property and casualty insurance holding company based in Auburn Hills, MI. There he significantly improved the company's financial condition by negotiating new agent contracts, streamlining operational efficiency and raising capital through a subscription rights demutualization. Mr. Clinton was also chief financial officer at ProNational Insurance Company.
Dillon will stay on as treasurer while Clinton transitions into the job. Dillon announced his resignation last week. He said his recent divorce “distracted” him from his work. Dillon’s personal life has been has been a source of media attention for much of this year.
Dillon served in the state House for six years; three of them as Speaker. Governor Rick Snyder appointed him in January 2011, after Dillon's unsuccessful run for the Democratic nomination in the state’s 2010 gubernatorial election. As treasurer, he played a key role in Michigan’s Emergency Manager Law and Detroit’s bankruptcy filing.
Gov. Snyder also appointed Ann Flood as the new director of DIFS. She's been serving as the department’s chief deputy director.