PICO Holdings, Inc. (PICO) is a holding company. PICO operates through four segments: Water Resource and Water Storage Operations; Real Estate Operations; Agribusiness Operations, and Corporate. PICO's Water Resource and Water Storage Operations include the operations of Vidler Water Company, Inc., which acquires and develops water resources and water storage operations in the southwestern United States. PICO's Real Estate Operations are conducted through UCP, Inc., a homebuilder and land developer in California and Puget Sound area of Washington State, North Carolina, South Carolina and Tennessee. PICO's Agribusiness Operations are conducted through PICO Northstar Hallock, LLC, which operates a canola seed crushing facility in Hallock, Minnesota. PICO's Corporate segment includes its investments in small businesses and a portfolio of equity securities in publicly traded companies. The Company markets its developed homes under the Benchmark Communities brand.