Attached files

file filename
EX-99.1 - PRESS RELEASE - PICO HOLDINGS, INC ANNOUNCES THE CLOSING - PICO HOLDINGS INC /NEWpressrelease-closingofsale.htm


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

November 21, 2012
Date of Report (Date of earliest event reported)


PICO HOLDINGS, INC.


(Exact name of registrant as specified in its charter)

California
(State or other jurisdiction
of incorporation)
33-36383
(Commission
File Number)
94-2723335
(IRS Employer
Identification No.)


7979 Ivanhoe Avenue, Suite 300
La Jolla, California 92037
(Address of principal executive offices) (Zip Code)

(858) 389-3222
Registrant's telephone number, including area code

Not Applicable
(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):

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

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

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

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









                                                    
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





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: November 21, 2012
By: /s/ John T. Perri

John T. Perri
Vice President and Chief Accounting Officer