Turning to our Specialty Insurance segment, we achieved pretax earnings of $7 million, for a 9% margin. The overall loss ratio was 60%, compared to 53% in the third quarter of last year. During the quarter, we experienced adverse development for title claim losses, primarily related to policy year 2007, resulting in a $14.7 million reserve charge.
In addition, as mentioned on last quarter's call, we've been engaged in a multi-stage mediation process with Bank of America and FiServ that was scheduled to conclude at the end of August. The parties agreed to delay the final stage until the fourth quarter. As part of that process, we’ve engaged the services of statisticians and other experts to help us analyze the claims involved in the lawsuit. As a result of that analysis, we’ve estimated our financial exposure to be between $13 million and $42 million, with $13 million being our best estimate of the Company's financial exposure. We've booked a reserve and offered to settle the case for that amount.
Let me briefly comment on recent developments concerning CoreLogic. On August 29, CoreLogic announced that its Board was exploring options aimed at enhancing shareholder value, including a potential sale of the entire Company. We own over 8% of CoreLogic and are the Company's largest shareholder. Therefore we have a strong interest in the outcome of that process.
Since their announcement and in a series of SEC filings and communication with CoreLogic, we’ve made our interest known. Last week, we delivered a letter to their Board indicating that in the current environment, we do not believe the Company could be sold at a price that is in the best interest of long-term shareholders. We also advised their Board that a better solution is for CoreLogic to focus on its core business.In the event, they decide to pursue a sale anyway. We submitted a non-binding offer for the Company. We've also made a non-binding offer to purchase certain of their assets that we believe to be non-core to them. While we are not certain as to the timing or ultimate outcome of the CoreLogic process, we are monitoring the situation closely. Read the rest of this transcript for free on seekingalpha.com
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