San Antonio, TX and
Venice, FL, March 19, 2014 /PRNewswire/ -- Biglari
Holdings Inc. (NYSE: BH) and First Guard Insurance Company
announced today that Biglari Holdings has acquired First Guard
Insurance Company and its affiliate, 1st Guard
Corporation.
First Guard Insurance Company is a direct underwriter of
commercial trucking insurance selling physical damage and
nontrucking liability insurance to truckers. First Guard will
continue to be operated by its current management team led by CEO
Edmund B. Campbell, III. The
ownership change will not have an impact on day-to-day operations,
and First Guard will remain headquartered in Venice, Florida.
Sardar Biglari, Chairman and CEO
of Biglari Holdings, said: "The Campbell family has an
extraordinary reputation with a remarkable record. Ed Campbell III is responsible for building a
gem of a company, one with unparalleled operational efficiency, a
low-cost operation that has benefited truckers as well as produced
a profitable underwriting operation. I am thrilled to work with Ed,
a key to our decision to purchase First Guard. Ed will continue to
run the company in the future as he has in the past. First Guard is
an ideal fit within Biglari Holdings' collection of
businesses."
Ed Campbell, CEO of First Guard,
said: "I couldn't imagine a better, more fitting owner of First
Guard. Sardar Biglari recognizes and
appreciates our established, disciplined commitment to a profitable
underwriting business. As part of Biglari Holdings, First Guard
will have a strong parent company, enabling us to pursue our
potential for growth. We are excited about joining Biglari
Holdings' group of companies. This is great news for truckers."
About Biglari Holdings Inc.
Biglari Holdings Inc. is a holding company owning subsidiaries
engaged in a number of diverse business activities, including
media, property and casualty insurance, and restaurants. All major
operating, investment, and capital allocation decisions are made by
Sardar Biglari, Founder, Chairman
and Chief Executive Officer, on behalf of Biglari Holdings and its
main subsidiaries.
About First Guard Insurance Company
First Guard Insurance Company, licensed in 28 states, is a
direct underwriter of commercial trucking insurance selling
physical damage and nontrucking liability insurance to
owner-operator truckers. By writing business directly rather than
through agents and brokers, First Guard enjoys one of the lowest
cost structures in the insurance industry.
SOURCE Biglari Holdings Inc.