PICO Holdings, Inc. announced that Mr. Michael Machado has informed the company that he does not wish to stand for reelection as a director at the company’s 2017 Annual Meeting of Shareholders. As part of the plan to maintain a Board of five directors following the Annual Meeting, and as a result of an agreement (the “Agreement”) entered into between the company and Bandera Partners, LLC (“Bandera”), the company has nominated Mr. Gregory Bylinsky, a Managing Director and Portfolio Manager at Bandera, to stand for election as a Director at the Annual Meeting. Additionally, as a result of the Agreement, Mr. Bylinsky will become a board observer through the Annual Meeting, effective immediately.