Exhibit 32.1


                    CERTIFICATION BY CHIEF EXECUTIVE OFFICER
                       PURSUANT TO 18 U.S.C. SECTION 1350
                 (SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)


I, John R. Hart, Chief Executive Officer of PICO Holdings, Inc., (the
"Registrant"), do hereby certify in accordance with 18 U.S.C. 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on my
knowledge:

(1)  the Quarterly Report on Form 10-Q of the Registrant for the three months
     ended September 30, 2003, to which this certification is attached as an
     exhibit (the "Report"), fully complies with the requirements of Section
     13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

(2)  the information contained in the Report fairly presents, in all material
     respects, the financial condition and results of operations of the
     Registrant.

A signed original of this written statement required by Section 906, or other
document authenticating, acknowledging, or otherwise adopting the signature that
appears in typed form within the electronic version of this written statement
required by Section 906, has been provided to PICO Holdings, Inc., and will be
retained by PICO Holdings, Inc. and furnished to the Securities and Exchange
Commission or its staff upon request.


Dated:  November 12, 2003                             /s/ John R. Hart
                                                      ----------------------
                                                      John R. Hart
                                                      Chief Executive Officer


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