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Biglari Holdings Inc. BH Investment Income — Insurance losses and underwriting expenses

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SIGIInsurance Operations — Net Underwriting Expense, Excluding Other Income
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Other financials

Income statement

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Revenue$97.5M+2.6%
Gross profit$60.0M+4.8%
Net income-$14.5M+56.3%
EPS (diluted)-$11.16+55.9%

Balance sheet

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Cash & equivalents$200.1M+598%
Total debt$290.3M+627%
Total equity$519.2M-3.8%
Total assets$1.0B+22.8%

Cash flow

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Operating cash flow$20.3M+28.7%
CapEx$7.0M-4.6%
Free cash flow$13.4M+57.3%

Valuation

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Market cap$1.13B+34.6%
Enterprise value$1.22B+43.0%
P/S2.8×+0.6×

Profitability

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Gross margin59.5%-0.6pp
Net margin-4.7%-2.0pp
FCF margin20.5%

Returns & leverage

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Return on equity-3.5%-1.4pp
Debt / equity0.6×+0.5×
Current ratio2.5×+1.3×

Where this comes from

Reported directly by Biglari Holdings Inc. in its filing.

Tagged under the XBRL concept us-gaap:OtherUnderwritingExpense.

The official record: Biglari Holdings Inc.’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Biglari Holdings Inc.'s investment income — insurance losses and underwriting expenses?
Biglari Holdings Inc. (BH) reported investment income — insurance losses and underwriting expenses of $0 in Q1 2026.
What does investment income — insurance losses and underwriting expenses mean?
This metric aggregates the total costs associated with insurance claims and the operational expenses required to underwrite policies within the investment income segment. It serves as a comprehensive measure of the cost of insurance operations before accounting for investment returns. A lower value indicates superior underwriting discipline and operational cost control.