| Operating Segment | Consolidated Subsidiaries | Key Commercial Usage |
| Water Resource and Water Storage Operations |
Vidler Water Company, Inc., acquires and develops water resource and water storage operations in the southwestern United States, with assets in Nevada, Arizona, Idaho, California, New Mexico, and Colorado. |
Vidler Water currently operates a variety of water projects throughout the American West including key strategic water-scarce markets in Arizona and Nevada. |
| Real Estate Operations |
Union Community Partners is a land acquisition and development business established in 2008 to respond to current regional and national homebuilders' liquidity crisis. |
UCP owns or controls finished lots and potential lots in various stages of entitlement in select California and Washington markets. |
| Agribusiness Operations |
PICO Northstar Hallock, LLC doing business as Northstar Agri Industries ("Northstar") will operate a canola seed processing plant near Hallock, Minnesota with anticipated production commencing in the fourth quarter of 2012.
| Northstar is strategically located in the southeastern North American canola growing reagon. Land O' Lakes Purina Feed, LLC has agreed to purchase 100% of the initial crushing capacity of up to 1,000 tons a day at market-based prices for a period of 5 years. |
| | Description of Assets | Strategy |
| Insurance in Run-Off Operations |
Physicians Insurance Company of Ohio (medical professional liability), and Citation Insurance Company (property and casualty and workers' compensation). |
Insurance companies in run off obtain the funds to pay claims from the maturity of fixed-income securities, the sale of investments, and collections from reinsurance companies. |
| Corporate |
Assets in this category currently consist of cash, the assets and related liabilities of deferred compensation plans, interests in small businesses, and other parent company assets. | Through this segment, we acquire businesses and interests in businesses through the acquisition of private companies and the purchase of shares in public companies, both directly through participation in financing transactions and through open market purchases. |
