CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Available for sale investments:
Fixed maturities	$ 29,284	$ 36,598
Equity securities	47,504	41,678
Total available-for-sale investments	76,788	78,276
Other investments	2,060	2,060
Total investments	78,848	80,336
Cash and cash equivalents	110,398	125,547
Notes and other receivables, net	6,353	6,893
Reinsurance receivables	15,372	15,475
Real estate and water assets, net	338,526	333,840
Property and equipment, net	122,815	108,844
Inventory	6,776
Other assets	17,876	13,216
Total assets	696,964	684,151
LIABILITIES AND SHAREHOLDERS' EQUITY
Reserves for unpaid losses and loss adjustment expenses	23,101	23,292
Debt	110,066	93,431
Deferred compensation	38,086	36,315
Other liabilities	20,241	21,451
Total liabilities	191,494	174,489
Commitments and contingencies
Common stock, $.001 par value; authorized 100,000 shares, 26,009 issued and 22,769 outstanding at March 31, 2012, and 27,122 issued and 22,705 outstanding at December 31, 2011	26	27
Additional paid-in capital	528,372	546,608
Retained earnings	29,392	34,288
Accumulated other comprehensive income (loss)	592	(959)
Treasury stock, at cost (common shares: 3,240 in 2012 and 4,417 in 2011)	(60,540)	(78,152)
Total PICO Holdings, Inc. shareholders' equity	497,842	501,812
Noncontrolling interest in subsidiaries	7,628	7,850
Total shareholders' equity	505,470	509,662
Total liabilities and shareholders' equity	$ 696,964	$ 684,151