Biglari Holdings Inc. and First Guard Insurance Company announced Thursday 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.
In a media statement calling First Guard “an ideal fit within Biglari Holdings’ collection of businesses,” which include steak restaurant franchises Steak n Shake Operations, Inc. and Western Sizzlin Corp., as well as recently acquired Maxim magazine, the largest young men’s lifestyle media brand,
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.”
Chairman Biglari said Campbell will continue to run the company in the future as he has in the past.
First Guard’s CEO Campbell said having a strong parent company will allow the insurer to pursue its potential for growth.
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 a low cost structure, the company says.
Source: Biglari Holdings Inc.