Leadership
David N. Gearhart
Chairman and CEO
David N. Gearhart is the Chairman and CEO of Wilmington Holdings. He leads the firm’s strategic direction and oversees day-to-day operations. David brings extensive experience in investment advisory, having previously served as an Investment Advisor at Morgan Stanley. There, he specialized in designing customized investment portfolios for families and high-net-worth individuals, while conducting due diligence on investment managers and evaluating asset allocation strategies.
David holds a Bachelor of Science degree in Civil and Structural Engineering from Purdue University.
Clifford R. Thompson
Board Member
Clifford R. Thompson is a board member of Wilmington Holdings and the co-founder and President of Thompson Traders, Inc., a Greensboro, North Carolina-based manufacturer and distributor of luxury plumbing fixtures.
Earlier in his career, Clifford served as Sales Manager for CMPC USA, a Chilean forestry company. He is also deeply engaged in civic leadership, holding positions with organizations such as the Greensboro Chamber of Commerce, Launch Greensboro, First Launch Capital Fund, The Greensboro Symphony, and the Greensboro Science Center.
Clifford holds a Bachelor of Science degree in Management and International Business & Economics from Purdue University.
Marshall P. Schutt
Board Member
Marshall P. Schutt is a board member of Wilmington Holdings and founder of Schutt Capital Management LLC. Since 2008, he has managed a private investment fund focused on value investing across public and private markets. His current investment activities include public equities, real estate, and structured financings.
Marshall graduated cum laude from Washington & Lee University with a Bachelor of Science in Business Administration with Special Attainments in Commerce, and a second major in Religion.
William V. “Billy” Nutt, Jr.
President
Billy Nutt serves as President of Wilmington Holdings Corporation, with direct responsibility for its insurance operations. He is Chairman of Wilmington Insurance Company, iQUE Insurance Company and President and Chairman of Freedom Advantage Insurance Company. With over four decades of experience, Billy has held senior leadership roles in secondary marketing, capital markets, risk management, and operations.
Previously, Billy was CEO of United Guaranty Corporation, a subsidiary of AIG. Under his leadership, United Guaranty became one of the nation’s leading private mortgage insurance providers, employing over 1,100 people and operating in seven international markets.
Billy earned a Bachelor of Arts in Economics from the University of North Carolina at Chapel Hill and completed The Executive Program at the Kenan-Flagler Business School.
William B. Allen, CPA
CFO and Treasurer
William (Bill) Allen is CFO of Wilmington Insurance Company (WIC), its affiliate Freedom Advantage Insurance Company (FAIC), and Wilmington Holdings Corporation (WHC). Bill brings more than 40 years of financial leadership in the insurance industry, including roles in both domestic and international life insurance, life reinsurance, and multiple lines of property and casualty insurance.
Prior to joining Wilmington, he served as Corporate Controller of United Guaranty Corporation, then the largest mortgage insurer in the U.S. by new business volume. Bill is a licensed CPA in North Carolina and holds an MBA from Duke University’s Fuqua School of Business.
Yan Chia
Vice President of Information Technology
Yan Chia is Vice President of Information Technology at Wilmington Holdings Corporation, responsible for IT strategy, infrastructure, cybersecurity, and systems across its insurance subsidiaries.
With over 20 years of experience in the commercial property and casualty insurance industry, Yan brings deep expertise in application development, systems integration, and IT operations. Since joining Wilmington Insurance Company in 2023, she has led efforts to streamline IT services and vendor management, driving greater efficiency and cost savings.
Earlier in her career, Yan developed a digital quoting platform that significantly boosted new business and reduced operational costs. She also held senior roles at Tower Group Companies, supporting enterprise systems for policy, billing, claims, and document management.
Yan holds both a Bachelor’s and Master’s degree in Information Systems from the University of South Alabama.
Steven Craig Novak, CPCU
Strategic Business Development
Steve Novak serves as a strategic business development consultant to Wilmington Insurance Company and its subsidiary, Freedom Advantage Insurance Company. He also sits on the Board of Directors of Wilmington Insurance Agency (WIA).
With 40 years of experience in the commercial insurance sector, Steve has worked with carriers, brokers, and reinsurance firms. He has advised state funds, regulatory agencies, and large employers on various property and casualty insurance issues. Most recently, Steve was Senior Vice President at Trean Corporation, where he served on the boards of Trean’s insurance companies and holding company.