PICO Holdings - Insurance In "Run-Off" Operations

WATER RESOURCE AND
WATER STORAGE
OPERATIONS

REAL ESTATE
OPERATIONS

AGRIBUSINESS
OPERATIONS

INSURANCE IN
"RUN-OFF"
OPERATIONS

This business segment consists of Physicians Insurance Company of Ohio and Citation Insurance Company which are in "run-off". This means that Physicians and Citation are handling and resolving the claims on expired policies, but not writing new business.

Once an insurance company has gone into run off and the last of its policies have expired, typically most revenues come from net investment income and realized gains or losses on the sale of the securities investments which correspond to the insurance company's reserves and shareholders' equity.

In broad terms, Physicians and Citation hold cash and fixed-income securities corresponding to their loss reserves and state capital and deposit requirements, and the remainder of the portfolio is invested in small-capitalization value stocks in the U.S. and selected foreign markets.

For claims information or assistance in reporting a claim to Physicians Insurance Company of Ohio, please call 877-581-2706, or e-mail physicians.claims@picoholdings.com.

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