PICO Holdings, Inc. announced that it has taken a number of actions designed to further enhance its corporate governance practices. The corporate governance & nominating committee has recommended and the Board has approved the reduction in size of the Board to 5 members immediately following the 2017 annual meeting of shareholders. As part of this decision, Messrs. Raymond V. Marino II and Howard Brod Brownstein have informed the Board that they do not intend to stand for election as directors upon the expiry of their respective terms at the 2017 annual meeting of shareholders. Each of Andrew F. Cates, Michael J. Machado, Daniel B. Silvers, Eric H. Speron and Maxim C.W. Webb will be nominated for election at the 2017 annual meeting of shareholders to serve as directors for a one year term at the expiration of their respective existing terms. As part of the changes, the Board announced that Mr. Marino has resigned as Chairman and that Mr. Webb, the company’s Chief Executive Officer and a director, has been elected to the additional position of Chairman of the Board, effective immediately. Additionally, also effective immediately, the Board has elected Mr. Silvers to the position of Lead Independent Director. In connection with these changes, the Board also decided that Mr. Silvers will become Chairman of the Company’s Corporate Governance & Nominating Committee and Mr. Cates will become Chairman of the Company’s Compensation Committee, both with immediate effect. Mr. Brownstein will continue to serve as Chairman of the Company’s Audit Committee until his term as a director ends.