BR INSURANCE CORRETORA DE SEGUROS S.A. ANNOUNCES 1Q16 RESULTS.

RELEASE OF RESULTS Investor Relations Marcelo Moojen Epperlein CEO and IRO (55 11) 3175-2900 ri@brinsurance.com.br Ana Carolina Pires Bastos Investor Relations (55 11) 3175-2920 BR INSURANCE CORRETORA DE SEGUROS S.A. ANNOUNCES 1Q16 RESULTS. Highlights Net Revenue reached R$37.9 million in the 1Q16. The top ten brokers now account for 55.0% of total Net Revenue - R$20.8 million in 1Q16. The Cost Reduction Plan generated savings of R$17.3 million in the quarter and R$50.8 million in the last 12 months. Net Income of R$3.0 million in 1Q16, compared to a Net Loss of R$30.2 million in 1Q15. Operating cash generation of R$1.4 million in 1Q16. Issuance of 2,337,540 common shares, as a result of the Capital Increase approved on 01.26.2016. Subsequent Events 04.28.2016 Approval of new Board of Directors at Ordinary General Meeting, with term until 2017. 04.28.2016 Approval in Ordinary General Meeting of overall Directors compensation for 2016, amounting R$6,000,000.00; R$1,524,585.99 for Board of Directors and R$4,475,414.01 for Executive Directors. 04.28.2016 Approval of the change of Company s name to BR Insurance Corretora de Seguros S.A., at Extraordinary General Meeting. 1

SÃO PAULO, May 12 th, 2016 BR Insurance Corretoras de Seguros S.A. (Bovespa: BRIN3) one of the largest and most diversified insurance brokers in Brazil, controlling 46 insurance brokers, announced its results for 1Q16 today. This quarter information, was reviewed by KPMG Auditores Independentes S.A., and also prepared in accordance with the accounting practices generally accepted in Brazil, international financial reporting standards (IFRS) and CVM regulations. Management Comments We started 2016 committed to our Company s strategic repositioning. The results presented in the first quarter of this year shows a recovery in Brasil Insurance s profitability. Net Revenue totaled R$37.9 million, 23.6% lower than the same period last year, impacted by the disposal of six brokers, as well as a weaker performance in the benefits and transport segments. Despite the drop of revenue, the Cost Reduction Plan has been effective in improving our financial performance. Cost savings amounted to R$17.3 million in the first quarter of 2016, with SG&A reaching R$35.2 million, a decrease of 58.1% over the same period last year. We begin 2016 with a Net Income of R$3.0 million and an operating cash generation of R$1.4 million. In April 28, 2016, the Ordinary General Meeting elected a new Board of Directors, consisting of five members, of which four are independent. Our board members are committed to our mission in creating a unified insurance broker, acknowledged, desired and admired by shareholders, employees and clients. To this end, the Extraordinary General Meeting also approved on April 28, the change in the Company s name to BR Insurance Corretora de Seguros S.A. 2

Board of Directors Members The Ordinary General Meeting held on April 28, 2016, approved with 98.9% of the shareholders present, the election of five Board of Directors members, with a one-year term. Our Board Members are: Luiz Roberto Mesquita de Salles Oliveira, Márcio Guedes Pereira Júnior (Independent), Pawel MacNicol (Independent), Marcos Luiz Abreu de Lima (Independent) and Ricardo Reisen (Independent). 80% of Brasil Insurance s Board Members are now independent, demonstrating our commitment to further improving corporate governance practices. More details about our Board Members are available at the Investors Relations website. Analysis of 1Q16 Results Net Revenue Net Revenue reached R$37.9 million in 1Q16, a decrease of 23.6% in comparison to 1Q15, impacted by the disposal of the brokers TGL, ISM, Ben s, Fidelle, APR and Retrato, that together represented a Net Revenue of R$4.9 million in 1Q15 and also impacted by the low performance in the benefits and transport segments. Comparing Same Brokers (excluding the brokers that left the Company in 2015), Net Revenue declined from R$44.8 million in 1Q15 to R$37.9 million in 1Q16, a decrease of 15.3%. Same Brokers R$ Thousand 1Q15 1Q16 Ch. % 1Q15 1Q16 Ch. % Net Revenue 49,689 37,974-23.6% 44,813 37,974-15.3% The top ten brokers now account for 55.0% of total Net Revenue - R$20.8 million in 1Q16. R$ Thousand -31% 24,596-27% 6,390 +24% -15% -4% 4,635 2,978 2,113 2,399 2,480 1,945 1,870 +212% +17% 554 1,7291,387 1,620-13% +118% +37% 740-13% 1,817 1,584 1,564 1,614 1,141 1,365 1,185 17,081 INDICO PREVISAO CLASSIC SECOSE PROMOVE LIFE LASRY BASE PROAXI CARRARO Other 1Q15 1Q16 *Excluding Bens, Fidelle, ISM, Retrato, TGL, APR 3

SG&A SG&A totaled R$35.2 million in 1Q16, a decrease of 58.1% in comparison to the same period of 2015, mainly impacted by the Cost Reduction Plan initiated in May 2015. Comparing Same Brokers, the drop in Expenses was 54.9% and resulted from: a) Reduction in consulting and legal expenses (R$3.9 million in savings), b) Lower sales and marketing expenses (R$1.5 million), c) Lower provision for Bad Debt due to better processes and controls (R$1.4 million), d) Decrease in Other Administrative and General Expenses, resulting from a change in Company s compensation model, as well as a decrease in water, electricity, telephone, sundry and IT expenses (R$3.6 million). It is worth mentioning that we did not have any disposal of investments in 1Q16. In 1Q15 we disposed of Ben s. Same Brokers R$ Thousand 1Q15 1Q16 Ch. % 1Q15 1Q16 Ch. % SG&A (83,880) (35,174) -58.1% (78,318) (35,174) -55.1% Transfers (2,573) (1,872) -27.2% (1,967) (1,872) -4.8% Salaries, Charges and Benefits (25,824) (22,292) -13.7% (23,606) (22,292) -5.6% Executive (2,727) (5,646) 107.0% (2,567) (5,646) 120.0% Employee (23,097) (16,646) -27.9% (21,039) (16,646) -20.9% Other Operating Expenses (24,969) (11,608) -53.5% (22,222) (11,608) -47.8% Consulting/ External Legal Advices (7,285) (2,594) -64.4% (6,509) (2,594) -60.2% Occupancy (2,149) (2,198) 2.3% (2,064) (2,198) 6.5% Sales and Marketing (1,830) (255) -86.0% (1,786) (255) -85.7% Provision for Bad Debt (3,492) (1,640) -53.0% (3,075) (1,640) -46.7% Other Administrative and General Expenses (10,214) (4,921) -51.8% (8,788) (4,921) -44.0% Disposal of Investments (30,309) - - (30,309) - - Non-recurring Results (205) 598-392.3% (214) 598 - Cost Reduction Plan Management continues focused on the Cost Reduction Plan. In 1Q16, the Company realized a reduction of 58.1% in the Operating Expenses when compared to the same period of last year. Excluding non-recurring items, SG&A dropped 33.0% in 1Q16 when compared to 1Q15 and 23.7% in the last 12 months, reaching R$50.8 million in savings. Cost Reduction Plan R$ Thousand 1Q15 1Q16 Ch. % 12M15 12M16 Ch. % Operating Expenses (83,880) (35,174) -58.1% (265,934) (274,772) 3.3% Impairment - - - 7,353 96,419 1211.3% Disposal of Investments 30,309 - - 30,309 2,306-92.4% Restructuring and write-off of fixed assets 1,086 - - 13,517 7,111-47.4% Provision for loss of credit operaton at Âncora - - - - 5,000 - Op. Exp. excluding non-recurring items (52,485) (35,174) -33.0% (214,755) (163,936) -23.7% 4

Cash Generation Operating cash generation totaled R$1.4 million in recurring operations, also a result of the Cost Reduction Plan. 1Q16 ended with Cash/Cash Equivalents and Securities amounting R$62.3 million, compared to R$40.7 million in December 2015, impacted by the Private Offer which resulted in a cash contribution of R$27.9 million. Cash R$ Thousand 2014 2015 1Q16 Initial Balance (IB) 141,523 62,462 40,679 Final Balance (FB) 62,462 40,679 62,283 Difference (IB-FB) (79,061) (21,783) 21,604 Dividends 41,229 2,814 - Earn-out 44,770 22,723 9,690 Financial Guarantees (12,440) - - Financial Income (10,375) (5,462) (1,587) Cash from acquired operations (201) - - Disposal of investments (net effect) - (3,161) (377) Capital Increase - - (27,903) Cash - Recurring Operations (16,078) (4,869) 1,427 Net Income/Loss Taking into account all the aforementioned factors, the Company posted a Net Income of R$3.0 million in the 1Q16, after minority shareholders. Same Brokers R$ Thousand 1Q15 1Q16 Ch. % 1Q15 1Q16 Ch. % Net Income/Loss before Minority Shareholders (29,090) 4,224 - (28,191) 4,224 - Minority Shareholders (1,140) (1,192) 4.6% (1,140) (1,192) 4.6% Net Income/Loss (30,230) 3,032 - (29,331) 3,032 - Relations with external auditors In accordance with CVM Instruction n o 381, of January 14, 2003, the Company announces that its service contracting policy not related to external audit is based on principles that preserve the independence of the auditor. In the quarter ended on March 31, 2016, KPMG Independent Auditors S.A. ( KPMG ) has been hired exclusively for the execution of audit and review services of the quarterly financial statements. 5

Conference Call We will hold a conference call to discuss the quarterly results on May 13, 2016. Time: In Portuguese, at 14h00, Brasília s Time (13h00 New York s time) and in English, at 15h00, Brasília s Time (14h00 New York s Time). The attendees must call +55 11 3728-5971 for domestic calls and +1 516 300-1066 for international calls. The access code for all numbers is Brasil Insurance. The live of the conference calls may be accessed at http://ri.brasilinsurance.com.br/. We will provide a replay of the audio about two hours after the event. About Brasil Insurance Brasil Insurance is one of the largest and most diversified insurance brokers in Brazil, consolidating the operations of 46 brokerage firms. The insurance brokers are present in 11 states of the country, covering 88% of the country's insurance market, according to SUSEP. Our broad portfolio of products and services, targeting an extensive geographic area and diverse economic sectors, provides us with diversified sources of revenue. We have a strong presence in the corporate health, life, auto, industrial, service, foreign trade, and consumer, among others, catering to corporate clients and, to a smaller extent, individuals. Our brokerage partners have, on average, 20 years of experience in the insurance brokerage and insurance markets. Each of them contributes to the Company in their own unique way, offering in-depth knowledge of the markets in which they operate and specializing in diverse segments of the insurance sector. For further information, visit www.brin3.com.br. Disclaimer This document does not constitute an offer, invitation, or solicitation of an offer to subscribe for, or purchase any securities neither does this presentation nor anything contained herein form the basis to any contract or commitment whatsoever. The material fact that follows contains general information about the business of Brasil Insurance Participações e Administração S.A. and its controlled companies, referring to 2015. This material must not be understood as an advice to potential investors, nor is this information intended to be complete as it is presented in a summarized form. No reliance should be placed on the accuracy, fairness, or completeness of the information presented herein and no representation or warranty, express or implied, is made concerning the accuracy of the information presented herein. This release contains statements that may be forward-looking and are only predictions, not guarantees of future performance. Investors are warned that these forward-looking statements are and will be subject to many risks, uncertainties, and factors related to the operations and business environments of Brasil Insurance, such as competitive pressures, the performance of the Brazilian economy and the industry, changes on market conditions, among other factors disclosed in Brasil Insurance filed disclosure documents. Such risks may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements Brasil Insurance believes that based on information currently available to Brasil Insurance management, the expectations and assumptions reflected in the forward-looking statements are reasonable. Nevertheless, Brasil Insurance can't guarantee future results or events. 6

Lastly, Brasil Insurance expressly refuses any duty to update any of the forward-looking statements contained herein. APPENDIX I - Capital Markets II - Insurance Market Overview III - Financial Statements I - Capital Markets Stock Performance Brasil Insurance s stock price for 1Q16 closed at R$22.75, representing a depreciation of 2.7% in the quarter, while Ibovespa apreciated by 15.0% during the same period. The Company s stock was traded in all trading sessions of the BM&FBovespa in 1Q16. The average daily trading volume reached 66,370 shares. Basis 100: 12.31.2015 7

Capital Composition Shares Outstanding (Free Float) 5,009,802 67% Founders and Acquired Brokers 2,208,480 29% Treasury Stock 310,167 4% Shares Issued 7,528,449 100% II - Insurance Market Overview Insurance Market Trends Despite the economic and political situation in Brazil, the insurance market is still expected to grow and develop new solutions and coverage. There was a decrease of almost 4% in Brazilian GDP in 2015, high inflation rates, which were reflected on the insurance industry and, as a result, showed a lower performance in comparison with the previous year. Pursuant to SINCOR SP report in January 2016, the income of the insurance industry in Brazil, as a whole, increased by 11% up to November 2015, with a highlight of VGBL and financial accrual proceeds, which are rarely sold by brokers and, for such reason, are hardly ever observed in our results. If we analyze only the insurance proceeds, excluding healthcare operations, we verify that there was an accrued variation of about +5%, in comparison with 2014 and the latest prediction known at this moment is that such products may grow by 9% in 2016. Finally, if we take into consideration the proceeds of the healthcare operators, the growth may reach 10% in 2016, in comparison with 2015. Source: Insurance Industry Scenario Letter - SINCOR SP January 2016 8

III Financial Statements Same Brokers R$ Thousand 1Q15 1Q16 Ch. % 1Q15 1Q16 Ch. % Net Revenue 49,689 37,974-23.6% 44,813 37,974-15.3% SG&A (83,880) (35,174) -58.1% (78,318) (35,174) -55.1% Transfers (2,573) (1,872) -27.2% (1,967) (1,872) -4.8% Salaries, Charges and Benefits (25,824) (22,292) -13.7% (23,606) (22,292) -5.6% Executive (2,727) (5,646) 107.0% (2,567) (5,646) 120.0% Employee (23,097) (16,646) -27.9% (21,039) (16,646) -20.9% Other Operating Expenses (24,969) (11,608) -53.5% (22,222) (11,608) -47.8% Consulting/ External Legal Advices (7,285) (2,594) -64.4% (6,509) (2,594) -60.2% Occupancy (2,149) (2,198) 2.3% (2,064) (2,198) 6.5% Sales and Marketing (1,830) (255) -86.0% (1,786) (255) -85.7% Provision for Bad Debt (3,492) (1,640) -53.0% (3,075) (1,640) -46.7% Other Administrative and General Expenses (10,214) (4,921) -51.8% (8,788) (4,921) -44.0% Disposal of Investments (30,309) - - (30,309) - - Non-recurring Results (205) 598-392.3% (214) 598 - EBITDA (34,191) 2,800 - (33,505) 2,800 - EBITDA Margin -68.8% 7.4% - 74.8% 7.4% - Depreciation/Amortization (3,165) (2,573) -18.7% (3,117) (2,573) -17.5% EBIT (37,356) 227 - (36,622) 227 '- Reversal of earn-out fair value 11,564 4,467-61.4% 11,564 4,467-61.4% Financial Result 877 1,481 68.8% 685 1,481 116.1% Financial Guarantee 106 1,167 996.5% 106 1,167 996.5% EBT (24,809) 7,342 - (24,266) 7,342 - Income Tax/Social Contribution (4,999) (3,747) -25.0% (4,641) (3,747) -19.3% Income Tax/Social Contribution Deferred 716 629-12.2% 716 629 - Net Income/Loss before Minority Shareholders (29,090) 4,224 - (28,191) 4,224 - Minority Shareholders (1,140) (1,192) 4.6% (1,140) (1,192) 4.6% Net Income/Loss (30,230) 3,032 - (29,331) 3,032-9

Balance Sheet R$ Thousand 03.31.2016 12.31.2015 Assets Current Assets 106,078 90,280 Cash and cash equivalents 5,326 10,043 Financial securities 56,957 30,635 Accounts receivable 19,471 26,871 Taxes receivable 13,736 13,342 Related parties - - Other accounts receivables from third parties 7,089 5,679 Other current assets 3,499 3,710 Non-current assets 397,784 395,850 9,225 7,725 Accounts receivable 638 51 Related parties 6,944 4,629 Diferred income tax and social contribution - - Judicial deposits 1,069 977 Accounts receivable from disposal of investments 500 2,000 Other non-current assets 74 68 Investment - - Fixed assets 7,542 5,182 Intangible 381,017 382,943 Total Assets 503,862 486,130 10

Balance Sheet R$ Thousand 03.31.2016 12.31.2015 Liabilities Current 46,005 78,124 Loans and financing 1 1 Suppliers 2,112 2,348 Payroll and social charges 15,940 13,212 Income tax and social contributions 6,361 7,704 Taxes payable 4,618 4,873 Dividend payable 2,185 2,454 Related parties 3 3 Accounts payable from acquisitions 13,282 45,905 Other current liabilities 1,503 1,624 Non-Current 16,814 20,291 Deferred income tax and social contribution 11,321 11,949 Tax obligations 43 43 Judicial claims 2,396 2,407 Accounts payable from acquisitions 3,044 5,882 Other non-current liabilities 10 10 Equity 441,043 387,715 Social capital 348,386 318,386 Treasury shares (36,827) (36,827) Premium on issued shares 140,906 140,552 Capital reserve 48,935 28,935 Loss/profit (63,428) (66,460) Non-controlling shareholders interest 3,071 3,129 Total Liabilities and Equity 503,862 486,130 11

Cash Flow R$ Thousand 03.31.2016 03.31.2015 Cash flow from operating activities Net Income before Income Tax and Social Contribution 7,342 (24,807) Non-Cash adjustments to revenues and expenses 4,753 1,785 Provision for doubtful accounts 1,640 3,493 Present value for accounts receivable (178) Depreciation/amortization 2,573 3,165 Fair value for accounts payable - acquisitions (4,467) (11,564) Fair value- financial guarantee (1,167) - Provision for financial returns (1,453) (791) Disporpotional dividends 285 2,123 Disposal of investments - 30,309 Impairment - 35 Increase/decrease in assets and Increase/decrease in operating liabilities 1,705 (6,458) Accounts receivable 5,173 2,544 Tax receivable (393) (97) Suppliers (236) 3,614 Payroll obligations 2,728 (1,496) Taxes payable (255) (621) Payments/redemption for judicial claims (92) (953) Payments for judicial claims (11) (106) Other assets and liabilities (119) (2,762) Income tax and social contribution payed (5,090) (6,581) Net cash from operating activities 6,458 (4,673) Cash flow from investing activities Payment for acquisitions (9,690) (12,567) Disposal of investments 377 - Fixed assets (2,817) 33 Intangibles (190) (756) Redemption of securities (25,156) 25,402 Net cash from investing activities (37,476) 12,112 Cash flow from financing activities Related parties (67) (7,997) Financial guarantees from related parties - 4,000 Financial guarantees from third parties - 5,877 Dividend distribution - - Dividend distribution - non-controlling (1,535) (3,916) Loans and financing - 13 Capital increase 27,903 - Net cash from financing activities 26,301 (2,023) Increase/decrease in cash and cash equivalents (4,717) 5,416 Cash and cash equivalents on the begining of the period 10,043 23,559 Cash and cash equivalents in the end of the period 5,326 28,975 12