CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
Available for sale investments:
Fixed maturities	$ 39,436	$ 41,010
Equity securities	48,856	110,410
Total available-for-sale investments	88,292	151,420
Other Investments	2,060	7,228
Total investments	90,352	158,648
Cash and cash equivalents	94,374	114,759
Notes and other receivables, net	9,924	9,251
Reinsurance receivables	13,446	14,551
Real estate and water assets, net	352,861	355,570
Property and equipment, net	74,129	12,590
Net deferred income taxes		20,039
Other assets	13,559	7,094
Total assets	648,645	692,502
LIABILITIES AND SHAREHOLDERS' EQUITY
Reserves for unpaid losses and loss adjustment expenses	21,385	22,816
Debt	63,059	45,743
Deferred compensation	35,794	37,879
Other liabilities	12,908	15,340
Total liabilities	133,146	121,778
Commitments and Contingencies
Common stock, $.001 par value; authorized 100,000 shares, 27,122 issued and 22,705 outstanding at September 30, 2011, and 27,117 issued and 22,700 outstanding at December 31, 2010	27	27
Additional paid-in capital	545,470	542,072
Retained earnings	38,889	88,830
Accumulated other comprehensive income	825	15,327
Treasury stock, at cost (common shares: 4,417 in 2011 and in 2010)	(78,152)	(78,152)
Total PICO Holdings, Inc. shareholders' equity	507,059	568,104
Noncontrolling interest in subsidiaries	8,440	2,620
Total shareholders' equity	515,499	570,724
Total liabilities and shareholders' equity	$ 648,645	$ 692,502