Wilmington Holdings Corporation


David N. Gearhart
Chairman and CEO

David is the creator of the firms strategy and philosophy. He is the driver of the business on a day-to-day basis. Prior to Wilmington Holdings, David was an Investment Advisor for Morgan Stanley where he helped customize investment portfolios for families and high net worth individuals. In addition, David performed ongoing due diligence of investment managers and evaluated asset allocation strategies as it relates to the designing and construction of portfolios.

David is a graduate of Purdue University with a Bachelor of Science Degree in Civil and Structural Engineering.

Clifford R. Thompson
Board Member

Clifford Thompson is a co-founder and President of Thompson Traders, Inc. a Greensboro N.C.-based manufacturer and distributor of high-end plumbing fixtures. Prior to Thompson Traders he was a Sales Manager for CMPC USA, a Chilean forestry company, covering the North America market. He is active in the community with leadership positions at various non-profit/civic organizations such as the Greensboro Chamber of Commerce, Launch Greensboro, First Launch Capital Fund, The Greensboro Symphony, and the Greensboro Science Center.

Clifford is a graduate of Purdue University with a Bachelor of Science Degree in Management and International Business & Economics.

Marshall P. Schutt
Board Member

Marshall founded Schutt Capital Management LLC in 2008 to professionally pursue his passion for investing. He is the manager of the firm’s value investing-oriented private investment fund with a flexible platform to pursue both public and private market investment opportunities. Current areas of activity include public company securities and real estate investment and financings.

Marshall is a graduate of Washington & Lee University, Cum Laude, with a Bachelor of Science Degree in Business Administration with Special Attainments in Commerce and a second major in Religion.

William V. “Billy” Nutt, Jr.

Billy serves as President of Wilmington Holdings Corporation, responsible for its insurance operations. He serves as Chairman of Wilmington Insurance Company and Chairman and President of Freedom Advantage Insurance Company.

Billy’s career has spanned over four decades and has included a broad range of roles in secondary marketing, capital markets, risk management and insurance operations. He has held the positions of Chief Risk Officer and Chief Operating Officer, and in 2001 was named Chief Executive Officer of United Guaranty Corporation, a direct subsidiary of AIG. In this role, Billy reported directly to the Chairman and CEO of AIG, one of the largest insurance companies in the world.

Under Billy’s leadership, United Guaranty grew into one of the nation’s leading private mortgage insurance companies with more than 1,100 employees serving major financial services organizations throughout the U.S. In addition, the company maintained operations in seven international markets.

Billy is a graduate of the University of North Carolina at Chapel Hill with a Bachelor of Arts Degree in Economics and The Executive Program at the Kenan-Flagler Business School.

William B. Allen, CPA
CFO and Treasurer

Bill is the CFO of WIC, WIC’s affiliate FAIC, and WHC. Bill has held various executive other financial positions over his 44-year career in the insurance industry. His experience spans several lines of business, including domestic and international life insurance and life reinsurance, auto insurance, contractors’ general liability insurance, environmental insurance, homeowners’ and mortgage insurance. Before joining the Wilmington organization, Bill was the corporate controller of United Guaranty Corporation, a wholly owned mortgage insurance subsidiary of AIG, and the largest mortgage insurance company in terms of new business in the United States. Bill is a CPA, licensed in North Carolina, and has an MBA from Duke University, Fuqua School of Business.

Steven Craig Novak, CPCU
Strategic Business Development

Steve serves as consultant to WIC and its wholly owned subsidiary insurance company, FAIC. Steve also serves on the Board of Directors of WIA. Mr. Novak has 40 years of experience in the commercial insurance business, having worked for carriers, brokers and reinsurance brokers.

As a consultant, Steve has worked with carriers, state funds, regulators and large employers on issues regarding various types of property and casualty insurance. Mr. Novak most recently was a Senior Vice President at Trean Corporation (Benchmark Insurance Company and American Liberty Insurance Company). While there, Steve was a member of all of the Boards of Directors of the Trean Companies, including the Holding Company Board of Directors.