PICO Holdings, Inc. Announces Public Offering of 694,444 Shares

LA JOLLA, Calif., June 10, 2009 (GLOBE NEWSWIRE) -- PICO Holdings, Inc.
(Nasdaq:PICO) ("PICO") today announced that it has priced a public offering of
694,444 shares of its common stock at $27.00 per share. The offering is expected
to close on or about June 15, 2009, subject to the satisfaction of customary
closing conditions. The offering is in addition to the offering PICO announced
on June 5, 2009, relating to the sale of 3,055,556 shares of its common stock at
$27.00 per share. In aggregate, the approximately $95.6 million of net proceeds,
after deducting the underwriting discounts and commissions and estimated
offering expenses, will be used for general corporate purposes.

The sole underwriter for the offering is ThinkEquity LLC.

ThinkEquity LLC has informed PICO that it is not exercising its over-allotment
option in connection with the offering announced on June 5, 2009 and the
underwriter has no over-allotment option in connection with the offering of
694,444 shares announced today.

A shelf registration on Form S-3 relating to these securities was previously
filed with the United States Securities and Exchange Commission and was declared
effective on December 3, 2007. A copy of the prospectus supplement and base
prospectus relating to the offering may be obtained, when available, from
ThinkEquity LLC, 600 Montgomery Street, 3rd Floor, San Francisco, California
94111, or prospectus@thinkequity.com.

This communication shall not constitute an offer to sell or the solicitation of
an offer to buy, nor will there be any sale of the securities, in any
jurisdiction in which such offer, solicitation, or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction.

About PICO Holdings, Inc.

PICO Holdings is a diversified holding company. The Company seeks to build and
operate businesses where significant value can be created from the development
of unique assets, and to acquire businesses which it identifies as undervalued
and where its management participation in operations can aid in the recognition
of the businesses' fair value, as well as create additional value.

The PICO Holdings, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5044

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CONTACT: PICO Holdings, Inc.
Damian C. Georgino, Executive Vice President-Corporate
Development and Chief Legal Officer
(858) 652-4132