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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
Date of Report (Date of earliest event reported) December 7, 1998
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PICO HOLDINGS, INC.
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(Exact name of registrant as specified in charter)
California 0-18786 94-2723335
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
875 Prospect Street, Suite 301, La Jolla, California 92037
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (619) 456-6022
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On December 7, 1998 the Registrant publicly announced that a
subsidiary, The Physicians Investment Company, had sold American
Physicians Life Insurance Company. The purchaser was American Founders
Life Insurance Company, a subsidiary of IFS Financial Corporation. The
definitive agreement for the sale of American Physicians Life Insurance
Company was signed on June 16, 1997.
A copy of the press release relating to this public announcement is
attached hereto as Exhibit 99.
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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: December 21, 1998 By: /s/ Gary W. Burchfield
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Gary W. Burchfield
Chief Financial Officer and Treasurer
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EXHIBITS INDEX
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Exhibit Number Description
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99. December 7, 1998 Press Release by PICO Holdings, Inc.
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EXHIBIT 99.
NEWS RELEASE
FOR IMMEDIATE RELEASE
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PICO HOLDINGS, INC. AND GLOBAL EQUITY CORPORATION
IFS FINANCIAL CORPORATION SUBSIDIARY ACQUIRES
AMERICAN PHYSICIANS LIFE INSURANCE COMPANY
(LA JOLLA, CALIFORNIA)--DECEMBER 7, 1998--PICO Holdings, Inc. ("PICO") and
IFS Financial Corporation ("IFS") jointly announced today that The Physicians
Investment Company, a PICO Holdings subsidiary, has sold its American Physicians
Life Insurance Company unit to American Founders Life, a subsidiary of IFS, for
the purchase price of $17 million.
American Physicians Life ("APL") is a Texas life and health insurance
and annuity insurer that is licensed in 23 states and the District of Columbia.
It was formed in 1978 and has approximately $65 million in assets.
The sale of APL is a result of PICO's continued commitment to maximize
value for its shareholders through the purchase and sale of value investments.
PICO is a holding company with offices located in La Jolla, California,
principally engaged in property and casualty insurance; the development of
surface, water, geothermal and mineral rights; and strategic investing.
PICO stock trades on the Nasdaq National Market System under the symbol "PICO".
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CONTACT: (619) 456-6022
RICHARD H. SHARPE, CHIEF OPERATING OFFICER (EXT. 201)
JAMES F. MOSIER, GENERAL COUNSEL AND SECRETARY (EXT. 202)
