PICO Holdings, Inc. (NASDAQ: PICO) is a diversified holding company based in La Jolla, California.
We seek to build and operate businesses where significant value can be created from the development of unique assets, and to acquire businesses which we identify as undervalued and where our participation can aid in the recognition of the business’s fair value, as well as create additional value.
Our objective is to maximize long-term shareholder value.


We manage our operations to achieve a superior return on net assets over the long term, as opposed to short-term earnings.
Our business is separated into four major operating segments:
• Water Resource and Water Storage Operations;
• Real Estate Operations;
• Business Acquisitions & Financing (which contains businesses, interests in businesses, and other parent company assets); and
• Insurance Operations in “Run Off”.
Currently our major consolidated subsidiaries are:
• Vidler Water Company, Inc. (“Vidler”), a business we started more than 10 years ago, which develops and owns water resources and water storage operations in the southwestern United States, primarily in Nevada and Arizona;
• Nevada Land and Resource Company, LLC (“Nevada Land”), an operation that we have built since we acquired the company more than 10 years ago, which currently owns approximately 460,000 acres of land in Nevada, and certain mineral rights and water rights related to the property;
• Physicians Insurance Company of Ohio (“Physicians”), which is “running off” its medical professional liability insurance loss reserves, and was our original business historically;
• Citation Insurance Company (“Citation”), which is “running off” its historical property & casualty and workers’ compensation loss reserves. Citation was acquired because it was complimentary to our other insurance operations at the time; and
• Global Equity AG, which holds our interest in Jungfraubahn Holding AG (“Jungfraubahn”). Jungfraubahn is a public company, whose shares trade on the SWX Swiss Exchange, that operates railway and related tourism and transport activities in the Swiss Alps. We believed that Jungfraubahn was significantly undervalued at the time we acquired our interest, which was primarily acquired between 1999 and 2003.
Important Information Regarding “Forward-Looking Statements”

Some statements on this web site are “forward-looking statements” within the meaning of securities law. These include, but are not limited to, statements about the company's operations and future expectations. These statements reflect our views about future events which could affect our financial performance, at the time these statements were posted on the web site. Although we aim to promptly disclose any new development which will have a material effect on PICO, we do not undertake to update all forward-looking statements until our next scheduled 10-K or 10-Q filing. You should not place undue reliance on forward-looking statements because they are subject to various risks and uncertainties (including those listed under “Risk Factors” and elsewhere in our SEC filings) which could cause actual results to differ materially from such forward-looking statements or from our past results.