SUBSIDIARIES OF REGISTRANT EXHIBIT 21.1

Name of Subsidiary	Jurisdiction of Incorporation/Organization
Nevada Land and Resource Holdings, Inc.	Nevada
Nevada Land and Resource Company, LLC	Nevada
Vidler Water Company, Inc.	Nevada
Fish Springs Ranch, LLC	Nevada
PICO Investment Corporation	Ohio
Physicians Insurance Company of Ohio	Ohio
PICO European Holdings, LLC	Delaware
UCP, LLC	Delaware