Item 2.01 Completion of Acquisition or Disposition of Assets.

On November 20, 2012, PICO Holdings, Inc. (the "Company") closed the sale of its two insurance company subsidiaries that were in "run-off", Physicians Insurance Company of Ohio and Citation Insurance Company, to an affiliate of White Mountains Insurance Group, Ltd. (the "Sale"). The transaction resulted in proceeds to PICO of approximately $44.4 million, consisting of pre-closing dividends of approximately $28.9 million from the two insurance company subsidiaries, in aggregate and sales proceeds of approximately $15.5 million.
On November 21, 2012, the Company issued a press release in connection with the closing of the Sale. A copy of the press release is attached to this report as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number Description
99.1 Press Release Dated November 21, 2012

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