Biglari Holdings, Inc. engages in diverse businesses such as property and casualty insurance, media and licensing, restaurants, and oil and gas. It operates through the following segments: Restaurant Operations, Insurance, Southern Oil, Maxim, and Corporate and Other. The Restaurant Operations segment includes Steak n Shake and Western Sizzlin. The Insurance Operations segment operates through First Guard and Southern Pioneer. The Maxim segment deals with media and licensing. The Southern Oil segment consists of the oil and gas operation in the Gulf of Mexico. The company was founded by Sardar Biglari in 1934 and is headquartered in San Antonio, TX.