PICO Holdings, Inc. is a diversified holding company. The Companys major businesses are: Vidler Water Company, Inc., which develops and owns water rights and water storage operations; Nevada Land & Resource Company, LLC, which owns land and the related mineral rights and water rights; Citation Insurance Company, which is running off its historical property and casualty loss reserves; Physicians Insurance Company of Ohio, which is running off its medical professional liability loss reserves, and Sequoia Insurance Company (Sequoia), which writes property and casualty insurance in California and Nevada. Sequoias core business is property and casualty insurance in California and Nevada, focusing on the niche markets of commercial insurance for small to medium-sized businesses and farm insurance. Sequoia also writes selected lines of personal insurance in California. In March 2003, the Company sold Sequoia.