CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Available-for-sale investments:
Fixed maturities	$ 36,598	$ 41,010
Equity securities	41,678	110,410
Total available-for-sale investments	78,276	151,420
Other Investments	2,060	7,228
Total investments	80,336	158,648
Cash and cash equivalents	125,547	114,759
Notes and other receivables, net	6,893	9,251
Reinsurance receivables	15,475	14,551
Real estate and water assets, net	333,840	355,570
Property and equipment, net	108,844	12,590
Net deferred income taxes	0	20,039
Other assets	13,216	7,094
Total assets	684,151	692,502
LIABILITIES AND SHAREHOLDERS' EQUITY
Reserves for unpaid losses and loss adjustment expenses	23,292	22,816
Debt	93,431	45,743
Deferred compensation	36,315	37,879
Other liabilities	21,451	15,340
Total liabilities	174,489	121,778
Commitments and Contingencies
Common stock, $.001 par value; authorized 100,000 shares, 27,122 issued and 22,705 outstanding at December 31, 2011, and 27,117 issued and 22,700 outstanding at December 31, 2010	27	27
Additional paid-in capital	546,608	542,072
Retained earnings	34,288	88,830
Accumulated other comprehensive income (loss)	(959)	15,327
Treasury stock, at cost (common shares: 4,417 in 2011 and in 2010)	(78,152)	(78,152)
Total PICO Holdings, Inc. shareholders' equity	501,812	568,104
Noncontrolling interest in subsidiaries	7,850	2,620
Total shareholders' equity	509,662	570,724
Total liabilities and shareholders' equity	$ 684,151	$ 692,502