PICO HOLDINGS INC /NEW
11-K, EX-1, 2000-07-31
FIRE, MARINE & CASUALTY INSURANCE
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<PAGE>   1


                                                                       Exhibit 1




INDEPENDENT AUDITORS' CONSENT

We consent to the incorporation by reference in Registration Statements No.
3333-32045 and No. 3333-36881 of PICO Holdings, Inc. on Forms S-8 of our report
dated June 30, 2000 appearing in this Annual Report on Form 11-K of the PICO
Holdings, Inc. Employees 401(k) Retirement Plan and Trust for the year ended
September 30, 1999.


DELOITTE & TOUCHE LLP

Columbus, Ohio
July 27, 2000


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