SUBSIDIARIES OF REGISTRANT EXHIBIT 21.1

Name of Subsidiary	Jurisdiction of Incorporation/Organization
Vidler Water Company, Inc.	Nevada
Nevada Land and Resource Company, LLC.	Nevada
Nevada Land and Resource Holdings, Inc.	Nevada
Citation Insurance Company	California
PICO Investment Corporation	Ohio
Physicians Insurance Company of Ohio	Ohio
Global Equity AG	Switzerland
Torrey Pines Holdings (Netherlands) B.V.	Holland
PICO European Holdings, LLC.	Delaware
PICO Deferred Holdings, LLC.	Delaware
Fish Springs Ranch, LLC.	Nevada