Tax-loss harvesting alternatives for BRO

Among the 7 Insurance Brokers peers screened, AJG (Arthur J. Gallagher & Co.) has tracked BRO most closely over the past year, with a return correlation of 0.83. The strongest fund stand-in is KIE (SPDR S&P Insurance ETF) at 0.73 over the past year. Correlations are computed from daily closing-price returns aligned by trading day.

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STOCKS

Single-name peers

Ticker	Name	Sub-industry	1Y	3Y	5Y	10Y
AJG	Arthur J. Gallagher & Co.	Insurance Brokers	0.83	0.79	0.79	0.80
MRSH	Marsh McLennan	Insurance Brokers	0.80	0.75	0.77	0.77
AON	Aon plc	Insurance Brokers	0.73	0.66	0.70	0.68
RYAN	Ryan Specialty	Insurance Brokers	0.68	0.63	0.59	—
WTW	Willis Towers Watson	Insurance Brokers	0.65	0.60	0.61	0.64
GSHD	Goosehead Insurance, Inc.	Insurance Brokers	0.63	0.45	0.44	0.40
ERIE	Erie Indemnity	Insurance Brokers	0.62	0.51	0.49	0.48

ETFS

Fund stand-ins

An ETF is generally not 'substantially identical' to a single stock, which is why funds are the standard wash-sale-aware replacement.

Ticker	Name	Focus	Match	1Y	3Y	5Y	10Y
KIE	SPDR S&P Insurance ETF	Insurance	INDUSTRY	0.73	0.65	0.66	0.70
IAK	iShares US Insurance ETF	Insurance	INDUSTRY	0.64	0.59	0.61	0.67
XLF	Financial Select Sector SPDR	Financials Sector	SECTOR	0.39	0.41	0.51	0.60
VFH	Vanguard Financials ETF	Financials Sector	SECTOR	0.38	0.39	0.50	0.59
IYF	iShares US Financials ETF	Financials Sector	SECTOR	0.35	0.39	0.50	0.61
IPAY	ETFMG Prime Mobile Payments	Payments	SUB-IND	0.31	0.31	0.41	0.52
KBE	SPDR S&P Bank ETF	Banks	INDUSTRY	0.25	0.23	0.33	0.46
KRE	SPDR S&P Regional Banking ETF	Regional Banks	SUB-IND	0.23	0.20	0.30	0.43
FINX	Global X FinTech ETF	FinTech	SUB-IND	0.14	0.21	0.35	0.45
IAI	iShares Broker-Dealers & Exchanges	Capital Markets	INDUSTRY	0.10	0.24	0.39	0.53
KBWB	Invesco KBW Bank ETF	Large Banks	INDUSTRY	0.10	0.18	0.31	0.46
ARKF	ARK Fintech Innovation ETF	FinTech (Active)	SUB-IND	0.03	0.13	0.29	0.36

NEXT STEPS

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Replacement research for BRO's peers

AJG MRSH AON RYAN WTW GSHD ERIE

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Method: Pearson correlation of daily closing-price returns, Yahoo Finance data, series aligned by trading day, refreshed weekly. A cell is blank when overlapping history covers less than 60% of its window. Correlation is descriptive, not predictive. Wash-sale treatment depends on facts and circumstances — confirm with a tax professional. Not investment advice.