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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT REPORT</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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):</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item 2.02 Results of Operations and Financial Condition</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PICO Holdings, Inc. issued a press release on May 10, 2010 announcing its financial results for the three months ended March 31, 2010.&#160;&#160;The press release is filed as Exhibit&#160;99.1 and is hereby incorporated by reference in its entirety.&#160;&#160;The information in this Current Report on Form 8-K and the exhibit attached hereto is being furnished (not filed) under Item&#160;2.02 of Form 8-K.</font></div>

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{"company-data": {"conformed-name": "PICO HOLDINGS INC /NEW", "cik": "0000830122", "assigned-sic": "6500", "irs-number": "942723335", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-36383", "film-number": "10815487"}, "business-address": {"street1": "875 PROSPECT ST", "street2": "STE 301", "city": "LA JOLLA", "state": "CA", "zip": "92037", "phone": "6194566022"}, "mail-address": {"street1": "875 PROSPECT ST", "street2": "STE 301", "city": "LA JOLLA", "state": "CA", "zip": "92037"}, "former-company": {"former-conformed-name": "CITATION INSURANCE GROUP", "date-changed": "19940527"}}
form8-k.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
May 10, 2010
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 or Organization)
33-36383
(Commission File Number)
94-2723335
(IRS Employer
Identification No.)
875 Prospect Street, Suite 301
La Jolla, California  92037
(Address of principal executive offices) (Zip code)
Registrant's Telephone Number, Including Area Code:  (888) 389-3222
Not Applicable
(Former name, former address and former fiscal year, 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 2.02 Results of Operations and Financial Condition
PICO Holdings, Inc. issued a press release on May 10, 2010 announcing its financial results for the three months ended March 31, 2010.  The press release is filed as Exhibit 99.1 and is hereby incorporated by reference in its entirety.  The information in this Current Report on Form 8-K and the exhibit attached hereto is being furnished (not filed) under Item 2.02 of Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Number
Description
99.1
Press Release of PICO Holdings, Inc. dated May 10, 2010 (financial results for the three months ended March 31, 2010).
1
SIGNATURE
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.
Date:  May 10, 2010
PICO HOLDINGS, INC.
By:
/s/ James F. Mosier
James F. Mosier
General Counsel and Secretary