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Guiding insurance companies through the complexities of insurance investing and regulation is at the heart of our business.

When partnering with Parkway Advisors you benefit from our team of insurance professionals with experience in insurance investment management, statutory reporting and insurance regulation.

Services

Our extensive financial knowledge will help you navigate the investment world.

Parkway Advisors, LP takes a uniquely consultative approach to investment consulting, reporting, and asset management.

In the investment industry, Parkway is the only investment advisor that truly customizes our services to the needs of our clients by offering stand-alone consulting and reporting services. We firmly believe that the best and most successful business relationships begin with open communication. Through Parkway's emphasis on personal service, custom solutions, and strong communication, our clients have enjoyed historically strong performance success, even during the financial crisis and the low interest environment that has followed.

"Whatever you do, work at it with all your heart, as working for the Lord, not for men." Colossians 3:23

Think of us as an extension of your team.

Parkway understands that the only way to serve an insurance company is to understand the products that are sold to members, the historical financial statements, the nature of the reserves, current IMR/AVR and RBC characteristics and the risk tolerance and objectives of management. This requires a proactive relationship with management, the board of directors, the actuary and other service providers. In addition, Parkway fundamentally believes that all partners serving an insurance company need to work together. This is why we actively nurture relationships with insurance actuaries, auditors and other providers. Working together with a single direction is key to success and our desire is to be an extension of the team.

Fraternal Benefit Societies

Mutual Insurance Companies

Commercial Life and Health Companies

Commercial Property and Casualty Companies

Why Choose Parkway Advisors?

Consists of former insurance professionals

Tailors services to your specific needs

Offers an experienced statutory reporting department

Understands Statutory and GAAP based accounting

Offers investment services for one all inclusive fee

Has a clear focus on investing for the insurance industry

Easily accessible and available in person for investment-related meetings

Investment success will only be accomplished by designing services and solutions around your unique needs as an insurance company. Parkway offers our clients service and support that goes beyond expected.

• Unmatched advisory experience, resources and tools.

• Stand-alone consulting and reporting services.

• Excellent track record of surplus and net investment income growth.

• Specific focus on serving insurance companies.

• Extensive knowledge reguarding statutory investment reporting.

• Extensive insurance relationships with actuaries, auditors and other service providers.

• Comprehensive knowledge of NAIC and state insurance regulation including pending rules.

To be known as the best, most-respected investment advisor to the insurance industry.

Because insurance investment is such a specialized service, it is important to work with an asset manager and investment advisor who can be a knowledgeable, trusted business advisor to your company. As an insurance focused investment advisory firm, Parkway Advisors seeks not to be the biggest or most profitable company, we strive to be the best, most-respected in the insurance industry.

We realize that "to be the best, most-respected provider of investment services to the insurance industry" is somewhat an audacious goal. However, we have put five strategic objectives into place which help guide us on our way.

1

To Grow the Company

Growth is the hallmark of any healthy company. We seek to grow Parkway first and foremost through the clients we are privileged to serve and by seeking out and inviting new clients to work with us whose values are closely aligned with our own.

We grow corporately and professionally by continually remaining informed on developments with insurance and investment regulations that affect our clients. We grow personally through enhancing our relationships with one another, with our clients and by seeking to maintain balance in all areas of life. Growing the company means many different things to different people, but to us, it means always moving forward and continually improving, both personally and professionally.

2

To Be Known as a Great Place to Work

A very important goal of ours is to be known as a great place to work. We know that if our people are taken care of, our clients will be taken care of too. Happy, healthy employees are more productive and efficient, and provide better customer service; that is why we place a high priority on creating a positive working environment for employees. Through excellent benefits, work/life balance programs, motivational book studies, performance plus awards and numerous other life enrichment initiatives, we are helping our employees succeed in an encouraging, mutually supportive work environment.

3

To Be Known as Helpers of People

We at Parkway believe it is important to not only perform our duties with excellence, but to also develop a corporate conscience and soul, an attitude of service and generosity to others. As employees, we volunteer at and give to local and national non-profit organizations whose mission is to help others.

Corporately and personally our employees regularly volunteer for Meals on Wheels, Boy Scouts of America and various other organizations, including: Camp Courage, a local camp for grieving children; the Joseph Thomas Foundation, a provider of specialty medical equipment for children with special needs; and the Cancer Services Network, a local non-profit supporting under-served cancer patients with related medical expenses.

Learn more about these great local organizations.

4

To Be Known as The Leading Provider of Investment Services to the Insurance Industry

Our goal is not to become the biggest or even the most profitable investment advisor to insurance companies. Our goal is to become the best, most respected firm and the leading provider of services to insurers. We know that if we strive for excellence in all we do, the profitability of the company will take care of itself. Our clients enjoy our undivided attention, frequent consultations, investment decisions specific to insurers, assistance with investment plans, adept statutory reporting services and much, much more. Our focus is on the individual insurance company's unique needs, which are addressed through a customized, relationship-based approach.

5

To Achieve Good Financial Results

Achieving good financial results can mean different things in different years. One year, we may achieve record returns, but if it could have been better, it would not be considered good financial results. Another year, we may barely break even, but because of circumstances beyond our control, this could be considered to be good financial results. We believe that as long as we maintain and focus on our five strategic objectives, the last goal of good financial results will inevitably take care of itself.

Camp Courage

Cancer Services Network

Joseph Thomas Foundation

The National MS Society

Camp Courage

Camp Courage is a week-long camp for children who have suffered similar losses of a loved one through death, divorce, separation, incarceration or deployment.

Children participate in recreational activities that promote self-esteem, encourage self-healing, and provide an outlet for unexpressed emotions. In addition, with the help of specially trained counselors, campers develop healthy coping skills as a result of the variety of grief exercises offered, which ultimately help build self confidence, trust, and an understanding of the grief process. Children, ages five through 18, who are grieving are encouraged to participate.

Click here to learn more.

Cancer Services Network

Cancer Services Network (CSN) provides post-diagnosis assistance to cancer patients, cancer survivors and their families, and caregivers through emotional, social, and direct financial support.

CSN is a local not-for-profit agency serving 19 counties of West Central Texas. Financial assistance is provided for low-income, uninsured and underinsured cancer patients. Cancer patients must be in active treatment; the amount of coverage is based on a sliding scale. For clients meeting the eligibility requirements, CSN can provide cancer prescription medications, medical equipment and supplies, transportation to and from cancer treatment, nutritional supplements, and health insurance premium continuation.

Click here to learn more.

Joseph Thomas Foundation

The foundation was started to help families who need medical equipment, supplies and other medical needs.

Joseph was a special boy. He needed constant medical care, like most kids with special needs. We know firsthand the pressures this puts on the family, spiritually, emotionally and financially. We feel we can use our knowledge as an outreach and help other families in need.

Click here to learn more.

The National MS Society

The National MS Society is a collective of passionate individuals who want to do something about MS now-to move together toward a world free of multiple sclerosis.

MS stops people from moving. We exist to make sure it doesn't. We help each person address the challenges of living with MS through our 50-state network of chapters. The Society helps people affected by MS by funding cutting-edge research, driving change through advocacy, facilitating professional education, and providing programs and services that help people with MS and their families move their lives forward.

Click here to learn more.

Theron R. Holladay, Sr., CFA

President and Chief Executive Officer

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Lisa L. Davidson

Principal and Chief Operating Officer

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Chad B. Hoes

Chief Investment Officer

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Theron R. Holladay, Sr., CFA

theron.holladay@parkwayadvisors.com

Mr. Holladay has been with Parkway Advisors since its inception and has over 20 years of insurance investment and accounting experience. His background includes extensive insurance portfolio modeling experience aimed at reducing risk by lowering future surplus volatility. With an in-depth understanding of statutory accounting, he is focused on how each investment transaction enhances the net investment income and adds to the surplus of the client. Of equal importance is his vision that each portfolio is unique and designed to provide for the specific insurance products that are sold by that client.

Prior to joining Parkway, Mr. Holladay was the Portfolio Manager for an insurance company. He has served on a national committee for insurance accounting software development and as a beta tester for new industry statutory accounting software. The core of his experience is centered on understanding insurance liabilities and how they relate to the assets of the insurer. He has worked closely with top actuaries in the industry and is experienced with some of the industry's top actuarial software programs. Mr. Holladay has specific experience in structured finance, cash flow sensitivity testing, and credit analysis. His passion and focus is incorporating all aspects of an insurance company's specific needs, products, and objectives in order to optimize the investment portfolio. Mr. Holladay holds the CFA (Chartered Financial Analyst) designation and has a degree in Finance/Psychology. His extensive knowledge is well respected within the industry and he is dedicated to staying informed of the changing regulations within the insurance industry. His focus for Parkway is centered on service to the insurance industry by integrating biblical principles throughout the organization.

Lisa L. Davidson

lisa.davidson@parkwayadvisors.com

Ms. Davidson is a Principal of Parkway and has been with the company for the last 15 years. She has served in her current capacity as Chief Operating Officer for the last 5 years. She joined Parkway with previous insurance experience that included the preparation of statutory investment schedules, annual statement development and investment department functions. Her past accounting experience with both Life and P&C companies has greatly enriched the value Parkway adds to its clients. Ms. Davidson has a detailed knowledge of special insurance reporting that includes Schedule D, Schedule E, IMR/AVR, Summary Investment Schedule, Risk Based Capital, A.M. Best Reports and others. She is trained on top insurance accounting software and often develops training tools for employees and insurance clients.

Ms. Davidson's unique in-depth knowledge of both investment vehicles and statutory accounting allows her to model the impact of potential or proposed investment choices on the financial statements of the company. Her professional approach, expertise, and attention to detail have aided her in the oversight of Parkway's client reporting department. In addition to oversight of the department, Ms. Davidson works directly with insurance clients in many areas related to the comprehensive consulting services of Parkway. She is a member of the North American Securities Valuation Association (NASVA) and attends regulatory meetings. She is extremely knowledgeable of NAIC and state insurance regulations and has a dedicated educational approach when working with her team. She is also a Registered Investment Advisory Representative and able to serve Parkway and clients in many areas when needed.

Chad B. Hoes

chad.hoes@parkwayadvisors.com

Mr. Hoes' investment experience is enriched with over 10 years of dedicated focus on insurance portfolios. He has a detailed understanding of investment impacts on the statutory financials of an insurer. As CIO, Mr. Hoes is responsible for the oversight and management of all insurance portfolios. His expertise lies in analyzing and investing insurance assets based upon an overall total book yield approach and structuring portfolios to optimize the relationship between assets and the specific products of each client. Moreover, he grasps true insurer diversification as it relates to surplus/unassigned funds. Mr. Hoes has a proficient understanding of credit analysis for various securities in addition to being versed in cash flow modeling and testing on various portfolios.

Mr. Hoes is a graduate of Hardin-Simmons University in Abilene, Texas with a Bachelor of Business Administration degree in Finance and holds a Masters of Business Administration from Texas A&M in Commerce, Texas. He is also a Fellow in the Life Management Institute (FLMI), an insurance-specific program designed for the insurance and financial services industry. Mr. Hoes truly enjoys being able to serve clients as he works diligently to structure the best possible portfolio for each client based on their unique needs. He is continually researching and learning more about insurers and Parkway's ability to offer services and results that best match each insurer's specific desires. Mr. Hoes is also a Registered Investment Advisory Representative.

Kyle Timmermann

Director of Insurance Consulting

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Jennifer Richardson, CPA *

CFO & Chief Compliance Officer

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Christy Bechtel

Director of Communications

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Kyle Timmermann

kyle.timmermann@parkwayadvisors.com

Mr. Timmermann is well versed in investing for insurance companies as well as the effects that transactions have on statutory financials. Mr. Timmermann is the head of Parkway’s insurance consulting division and specializes in helping clients maximize book yield, achieve optimal ALM immunization, achieve proper diversification, and portfolio strategies. He is proficient in assessing risk within a portfolio and properly addressing these risks. Additionally, Kyle is proficient in ERM (Enterprise Risk Management) planning, RBC (Risk- Based Capital) requirements, and mitigating portfolio risks. Moreover, he aids clients in cash flow testing by assisting on the sensitivity analysis of insurer’s assets. Finally, he is knowledgeable in credit analysis for various securities and how these fit into an insurer’s portfolio.

Mr. Timmermann has an undergraduate degree in finance and economics from Hardin-Simmons University. In addition to this, he holds a master’s degree in finance and economics from West Texas A&M University. Mr. Timmermann is also a Registered Investment Advisory Representative.

Jennifer Richardson, CPA

jennifer.richardson@parkwayadvisors.com

Jennifer Richardson joined Parkway in 2004 and has served as the Chief Compliance Officer since 2009. Jennifer is a Certified Public Accountant with a Bachelor of Business Administration degree in Accounting and has over 25 years of dedicated experience in the investment industry. These unique qualifications work very effectively with her comprehensive regulatory focus to ensure Parkway has a very stable procedural platform from which to operate. As CCO, she oversees the Internal Audit Department.

Mrs.Richardson's background in accounting encompasses GAAP, Tax and Statutory Accounting for both advisory firms and insurance companies. This knowledge base works well in serving Parkway and our insurance clients through our consulting platform. One aspect of her service to insurance clients is to assist with auditor and examiner requests, accounting inquiries and policy development. In addition, Jennifer prepares financial statements and budgets and handles the accounting and administrative functions for Parkway. She is responsible for regulatory compliance oversight, including the preparation of the company's Form ADV. Jennifer is a Registered Investment Advisory Representative with portfolio management experience. This allows her to aid and back-up the portfolio management team when necessary.

* This firm is not a CPA firm.

Christy Bechtel

christy.bechtel@parkwayadvisors.com

Ms. Bechtel has been an instrumental part of Parkway Advisors since 2008. Currently the Director of Communications, Ms. Bechtel works diligently with the client retention and interaction program of Parkway. Her main responsibilities include the planning, development and implementation of all of the Organization's marketing strategies, marketing communications, and public relations activities, both external and internal. In addition, Ms. Bechtel manages the social media relations for Parkway Advisors.

Previously, Ms. Bechtel worked in the statutory client reporting department of Parkway. Her responsibilities included assisting insurance clients with the preparation of Schedule D and IMR/AVR (life clients). She worked attentively to stay abreast of SSAP and NAIC reporting guidelines and assisted clients in many areas as part of the consulting team at Parkway. She joined the Parkway team having experience with both life and P&C insurers. With many hours of specialized training on top industry reporting software, she was able to bring efficiency to the reporting needs of Parkway clients. Ms. Bechtel's knowledge, experience and understanding make her a valuable asset to the Parkway team.

Jamin Phillips

Investment Accountant

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Trevor Rupe

Portfolio Manager

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Will Laurence

Operations Analyst

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Jamin Phillips

jamin.phillips@parkwayadvisors.com

Mr. Phillips is an integral part of the statutory client reporting department of Parkway Advisors . He graduated from Abilene Christian University with a degree in Ministry in 2003. Mr. Phillips joined the Parkway team after several years working for a life insurance company. Because of his past experience, Jamin works with a high ethical standard in accounting and reporting. He has been trained on top industry reporting software; he is able to bring proficiency and efficiency to the reporting needs of Parkway's clients. He takes pride in giving first-rate attention to detail.

Mr. Phillips' knowledge, proficiency, and determination make him a valuable asset to Parkway's accounting and reporting team. His responsibilities include providing insurance clients with the preparation of Schedule D and IMR/AVR (life clients). Mr. Phillips also assists with performance calculation and reporting. He works attentively to his familiarity of SSAP and NAIC reporting guidelines and assist clients in many areas as part of the statutory accounting team at Parkway. Mr. Phillips considers it a privilege to serve the accounting and reporting needs of Parkway's clients.

Trevor Rupe

trevor.rupe@parkwayadvisors.com

Mr. Rupe is well educated in the investment process for insurance companies. Mr. Rupe is a co-manager on all accounts and specifically trained in addressing the various risks that insurers face with their invested assets including proper diversification, asset liability management, and the effects of securities transactions on statutory financials. Trevor is proficient at assessing risk within a portfolio while focusing on book yield. He enjoys researching investments and how they fit in each individual client's portfolios. As with all of Parkway's employees, continual education of the ever-changing regulatory environment and financial markets is a top priority for Mr. Rupe.

Mr. Rupe graduated with a Bachelor of Business Administration from Hardin Simmons University. Before coming to work for Parkway, he worked for a large private investment firm and brings an extensive knowledge base of the industry that further enriches the value of service Parkway brings to its clients. Mr. Rupe is also a Registered Investment Advisory Representative.

Will Laurence

will.laurence@parkwayadvisors.com

Will graduated from Texas A&M University with a Bachelor of Science degree in Agricultural Economics and an emphasis in entrepreneurship. Prior to joining Parkway Advisors, Will worked for an insurance company helping customers navigate specialized software as well as the company website. He brings to Parkway strong communication and customer service skills as well as an eye for detail. Will assists in the accounting department, helping the company to better serve the insurance clients on a daily basis. Will is focused on training and development in the area of insurance asset management and uses these skills to interface insurance specific software with the standard industry investment tools. His eclectic background positions him in a unique way to serve many areas within Parkway.

Anthony Martin

Investment Associate

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Anthony Martin

anthony.martin@parkwayadvisors.com

Anthony Martin is well educated in portfolio analysis & financial modeling. Throughout Mr. Martin’s career, he has held multiple positions for companies in the financial services sector. Anthony works for Parkway Advisors' investment team, where he utilizes his prior education and experience to better analyze investment decisions. Anthony enjoys observing the market and looking for the best investment strategies for each individual client's portfolio. He enjoys reading various works of literature that expand his understanding and enhance his analytical skills.

Mr. Martin graduated with a Bachelor of Business Administration from Hardin Simmons University with a dual major in finance and economics. Before coming to work for Parkway, he worked for a mid-cap bank and brings extensive knowledge of credit analysis and an understanding of key financial metrics for various industries. He performs economic analysis and credit research for our investment team. His work aids the decision-making process for investments, and allows for better management of risk for each investment. Additionally, he provides in-depth credit monitoring for our bond portfolios. Anthony hopes to unveil any hidden risks from issuers and stay ahead of the curve when it comes to a downgrade in bond ratings and preventable losses.

Learn More About Our Staff →

Theron

Lisa

Chad

Kyle

Jennifer

Christy

Jamin

Theron R. Holladay, Sr.

President and Chief Executive Officer

God has blessed me with an amazing wife of 25 years and two beautiful children. I am also very close to my extended family and cherish family activities. My entire family loves to travel and my most recent passion involves studying my family history and ancestry. Therefore, I have combined these two passions into a new hobby I refer to as ancestry excursions. Traveling to locations where my ancestors lived has allowed me to step into their shoes and better understand things. In the summer of 2017, I traveled with my son to locate the grave of Daniel William Holladay who was a patriot in the Revolutionary War. While there we were able to locate graves, homes and places of other decedents of Daniel and walk on the land he previously farmed. In the summer of 2017, we traveled to England and discovered the location of the burial of Sir Leonard Holliday who was the lord mayor of London during 1605. The grave has been covered with a street; however, the picture above is my family having tea near this location. We then discovered etchings of his Grandfather Edward in a Church in Minchinhampton. This etching allowed us to see an actual representation of a direct ancestry from 1515. While in Minchinhampton we met others in the town aware of our history and some of our modern distant relatives. In London we viewed the grave of another direct ancestor, William Marshal (1147 – 1215). He has been called “hero of Magna Carter” and “the greatest knight to ever live”. Going forward I am hopeful for more ancestry excursions with my family.

Lisa L. Davidson

Principal and Chief Operating Officer

I grew up around here, and it was really great to get to take my daughter sightseeing around New York. Our favorite place to visit was Ellis Island, where so many people in America can trace back their roots and family history. After visiting Ellis Island we arrived at my niece's wedding, where my daughter met family members she'd never even seen before. It was a wonderful homecoming trip in so many ways. We came away with the sense that family and roots are important. They teach us who we are and where we come from, but more so, they teach us of the kind of courage and greatness we are capable of.

Chad B. Hoes

Chief Investment Officer

I love spending time with my family. We are an active family that participates in many active, outdoor activities. My sons are Cub Scouts and we enjoy family campouts and various scouting activities. I'm blessed to be able to have moments like these where we can get away from things and enjoy family time together. I enjoy intentional time with my kids and engraining in them a lifelong pursuit of being active.

Kyle Timmermann

Director of Insurance Consulting

My wife, Shelby and I got married in 2015 and welcomed our first child, Allie, in 2016. These last 3 years have brought so much growth and joy and I’m looking forward to what lies ahead. Our family loves to travel, spend time outdoors and visit family. I’m so thankful to work for a company that understands the importance of quality time with loved ones and allows me to love what I do while serving my family. It’s a blessing to be a part of such a honorable company.

Jennifer Richardson

CFO & Chief Compliance Officer

I took this picture from the Mount of Olives looking down over the city of Jerusalem. My trip to Israel was one of the best experiences of my life. I went to Bethlehem and saw the Church of the Nativity, which is the oldest standing church in the Holy Land, and the place where Jesus was born. I sailed on the Sea of Galilee in a wooden boat, waded in the Dead Sea and watched over seventy people be baptized in the River Jordan. I visited the city of Nazareth and saw the ruins of the house where Peter lived in Capernaum. I saw the Garden of Gethsemane, the Western Wall and the Garden Tomb. I climbed the steps on the south side of the Temple Mount where Jesus preached and walked the Via Dolorosa along the Stations of the Cross. It was an amazing experience and I never dreamed I would be able to see so many places described in the Bible. The trip strengthened my faith and is something that I will never forget.

Christy Bechtel

Director of Communications

I have an amazing husband who has a bad case of OCD (Obsessive Christmas Disorder). He has a love for Christmas and all that goes with it so deeply that some of his coworkers even call him Santa. I, on the other hand, have not always embraced the season so lovingly but I’m starting to come around. We love doing anything that involves lights and decorations like going to Arlington’s Enchant Christmas in this picture. In the last few years we have decided to forgo gift giving to each other and adopt angel tree kids instead. It has been a fun and humbling process getting to do that for children and families that otherwise might not have a Christmas. After that, we spend a little time travelling with our kids and spending some much needed time together as a family which is always a nice way to round out the year.

Jamin Phillips

Investment Accountant

I enjoy spending time with my family. My wife Laura and I have been married since 2012. My hobbies include watching sports and collecting sports memorabilia, I have t-shirts from around 90 universities and colleges. If I am not watching a sporting event, I am usually hanging out with family and friends or volunteering in the community.

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