Biglari is a holding company that owns subsidiaries in a range of businesses. The company's restaurant subsidiaries, which include Steak n Shake and Western Sizzlin, account for almost all of Biglari's total revenue. Steak n Shake owns and operates its hundreds of restaurants; Western almost exclusively franchises its restaurants. Biglari's media subsidiary is Maxim, which publishes magazines. Biglari is also in the property and casualty insurance business through its ownership of First Guard Insurance, which underwrites commercial trucking insurance. Company' earns revenue mainly from the United States, but Steak n Shake does have a few restaurants, mostly franchised, in the Middle East and Europe.