Biglari Holdings Inc.

# Biglari Holdings Inc.

Operating through multiple subsidiaries, Biglari Holdings generates revenue from restaurant operations, insurance underwriting, energy production, and publishing. The company owns and franchises restaurants under the Steak n Shake and Western Sizzlin brands, operating primarily across the United States. Beyond food service, the company underwrites commercial truck insurance, offering physical damage and non-trucking liability coverage to trucking operators. Additional business segments include offshore oil and natural gas production in Louisiana state waters and the Permian Basin, as well as magazine publishing and licensing operations under the MAXIM brand.

The company maintains a diversified portfolio across hospitality, insurance, energy, and media sectors. Restaurant operations represent the core business segment, with approximately 2,535 full-time employees supporting operations across these subsidiaries. The company was incorporated in Indiana and is headquartered in San Antonio, Texas. Originally founded in 1934 as The Steak n Shake Company, the organization rebranded to Biglari Holdings in 2010 to reflect its expanded business model beyond restaurant operations.