8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)
April 22, 2008

PICO HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

California	10-18786	94-2723335
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

875 Prospect Street, Suite 301, La Jolla, California	92037
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code
(858) 456-6022

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CRF 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 Financial Information

Item 2.01 Completion of Acquisition or Disposition of Assets

PICO Holdings, Inc. issued a press release on April 22, 2008 announcing that its wholly-owned subsidiary, Global Equity AG, sold its entire position of 1,312,907 shares in Jungfraubahn Holding AG for 57.70 Swiss Francs per share, resulting in gross sales proceeds of approximately 75.80 million Swiss Francs (approximately US$75.8 million). Before this sale Global Equity AG owned 22.5% of Jungfraubahn’s outstanding shares.

The sale is expected to generate a pre-tax gain of approximately US$45.0 million in PICO Holdings’ consolidated statement of operations for the quarter ending June 30, 2008. However, the gain and related tax effects are expected to have only a marginal impact on PICO Holdings’ consolidated book value, as most of the gain and related tax effects have already been recorded as a net unrealized gain in previous accounting periods through the Other Comprehensive Income component of Shareholders’ Equity.

The shares of Jungfraubahn Holding AG were sold in a single trade to a Swiss brokerage firm, BEKB/BCBE, in an off-market stock exchange transaction in Switzerland. The trade occurred on April 22, 2008, with proceeds to be received not later than April 25, 2008.

The information in this Form 8-K and the exhibit attached hereto is being furnished (not filed) under Item 2.01 of Form 8-K.

Section 9. Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(a) Not applicable

(b) Not applicable

(c) Not applicable

(d) Exhibits

Exhibit Number		Description
	99.1	Press Release of PICO Holdings, Inc. dated April 22, 2008

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PICO HOLDINGS, INC.
Date: April 22, 2008	By:	/s/ Maxim C. W. Webb
		Maxim C. W. Webb
		Chief Financial Officer and Treasurer

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Exhibit Index

Exhibit Number		Description
	99.1	Press Release of PICO Holdings, Inc. dated April 22, 2008.

EX-99.1

Exhibit 99.1

NEWS RELEASE PICO HOLDINGS, INC.

FOR IMMEDIATE RELEASE

PICO HOLDINGS, INC. SELLS ITS INTEREST IN JUNGFRAUBAHN HOLDING AG

     (LA JOLLA, CALIFORNIA)—April 22, 2008—PICO Holdings, Inc. (NASDAQ: PICO) announced today that its wholly—owned Swiss subsidiary, Global Equity AG, sold its entire position of 1,312,907 shares in Jungfraubahn Holding AG for 57.70 Swiss Francs (“CHF”) per share, resulting in gross sale proceeds of CHF 75.8 million (approximately US$75.8 million).

     The sale is expected to generate a pre-tax gain of approximately US$45 million in PICO Holdings’ consolidated statement of operations for the quarter ending June 30, 2008. However, the gain and related tax effects will only have a marginal impact on the Company’s consolidated book value, as most of the gain and related tax effects have already been recorded as a net unrealized gain in previous accounting periods through the Other Comprehensive Income component of Shareholders’ Equity.

     John Hart, PICO’s President and CEO, commented:

     “As a result of our investments in Jungfraubahn at attractive valuations and Jungfraubahn’s improved operating and financial performance, assisted in part by our participation on the Board, we estimate that we realized, in US dollar terms and including dividends received, a total annual compound rate of return of approximately 20% over the 12 year period since we first started to acquire our interest.

     “Our decision to redeploy our capital is based in part on the opportunities that we continue to see in our core land and water businesses.”

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding PICO Holdings’ business, financial conditions, results of operations, and prospects, including, without limitation, statement concerning PICO Holdings’ beliefs, intentions, anticipated developments, and other information concerning future matters. Forward-looking statements often address current expected future business and financial performance, and may contain words such as “may,” “could,” “estimates,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” or “will.” Forward-looking statements may address matters that are uncertain. Although forward-looking statements in this document reflect the good faith judgment of management, such statements can only be based on current expectations and assumptions. Consequently, forward-looking statements are inherently subject to risk and uncertainties, and the actual results and outcomes could differ materially from the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those discussed under the heading “Risk Factors” discussed in PICO Holdings’ Annual Report on Form 10-K and in other filings made from time to time with the United States Securities and Exchange Commission (“SEC”). PICO Holdings does not undertake to update any forward-looking statements, and undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made.

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CONTACT: Max Webb Chief Financial Officer (858) 456-6022 ext. 216