PICO Holdings, Inc.
(Nasdaq: PICO) confirmed that the previously announced sale of Sequoia
Insurance Company closed yesterday.
The gross sale proceeds were approximately $42.5 million. The final gain
on sale will be calculated once all parties have agreed to the closing balance
sheet as of March 31, 2003.
John Hart, PICO's President and Chief Executive Officer, commented:
"It is anticipated that PICO's results for the first quarter of 2003 will
include approximately $1.4 million in pre-tax income from Sequoia's operations
during the quarter, as well as a small overall gai...
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