EX 23.1 CONSENT OF DELOITTE for S-3 (1)

We consent to the incorporation by reference in this Post-Effective Amendment No. 2 to Registration Statement No. 333-173279 on Form S-3 of our reports dated February 29, 2012, relating to the financial statements of PICO Holdings, Inc. and subsidiaries (the “Company”) and the effectiveness of the Company's internal control over financial reporting, appearing in the Annual Report on the Form 10-K of PICO Holdings, Inc. and subsidiaries for the year ended December 31, 2011, and to the reference to us under the heading “Experts” in the Prospectus, which is part of such Registration Statement.