PICO Holdings, Inc. (PICO) is a diversified holding company. As of December 31, 2011, it operated in five segments: Water Resource and Water Storage Operations, Real Estate Operations, Insurance Operations in Run Off, Corporate and Agribusiness Operations. As of December 31, 2011, its subsidiaries include Vidler Water Company, Inc., which acquires and develops water resources and water storage operations; UCP, LLC (UCP), which acquires and develops partially developed and finished residential housing lots and Citation Insurance Company (Citation), which is running off its property and casualty insurance and workers compensation loss reserves. In November 2012, it closed the sale of its two insurance company subsidiaries, Physicians Insurance Company and Citation Insurance Company. On December 4, 2012, Vidler Water Company, a subsidiary of the Company, acquired two Scottsdale, Arizona golf courses for the sale of 1,021.1 net acres and 3,063.3 acre feet of associated groundwater rights.