EXHIBIT 32.1

                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350,
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

         In connection with the Annual Report of PICO Holdings, Inc. (the
"Company") on Form 10-K for the year ended December 31, 2003, as filed with the
Securities and Exchange Commission on the date hereof (the "Report"), I, John R.
Hart, President and Chief Executive Officer of the Company, certify, pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 ("Section 906"), that to the best of my knowledge:

         (1) The Report fully complies with 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
Company.

Date: March 10, 2004                    /s/  John R. Hart
                                        -------------------------------
                                           John R. Hart
                                           President and Chief Executive Officer

A signed original of this written statement required by Section 906, or other
document authenticating, acknowledging, or otherwise adopting the signature that
appears in typed form within the electronic version of this written statement
required by Section 906, has been provided to the Company and will be retained
by the Company and furnished to the Securities and Exchange Commission or its
staff upon request.

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