EXHIBIT 99.2

                    CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Maxim C. W. Webb, Chief Financial Officer of PICO Holdings, Inc., (the
"Registrant"), do hereby certify in accordance with 18 U.S.C. 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on my
knowledge:

(1)       the Quarterly Report on Form 10-Q of the Registrant, to which this
          certification is attached as an exhibit (the "Report"), fully complies
          with the requirements of Section 13(a) of the Securities Exchange Act
          of 1934 (15 U.S.C. 78m); and

(2)       the information contained in the Report fairly presents, in all
          material respects, the financial condition and results of operations
          of the Registrant.

Dated:  November 7, 2002                         /s/ Maxim C. W. Webb
                                                 -------------------------
                                                 Maxim C. W. Webb
                                                 Chief Financial Officer