Biglari Holdings is a holding company. Through its subsidiaries, Co. is engaged in property and casualty insurance, media and licensing, restaurants, and oil and gas. Co.'s restaurant operations are conducted through Steak n Shake Inc. and Western Sizzlin Corporation. Co.'s insurance business is composed of First Guard Insurance Company and its agency, 1st Guard Corporation and Southern Pioneer Property & Casualty Insurance Company, and its agency, Southern Pioneer Insurance Agency, Inc. Co.'s subsidiaries, Southern Oil Company and Southern Oil of Louisiana Inc. operate oil and natural gas properties. Co.'s Maxim Inc. subsidiary's business lies principally in media and licensing.