To date State Auto has posted a net loss of $247.4 million. The super-regional Columbus, Ohio-based insurer recorded a third-quarter net loss of $58.7 million and a combined ratio of 122.4 compared to 105.9 during the same period a year ago.

State Auto has catastrophe losses of $232.9 million—a record for the company—so far this year, Restrepo said. The company has seen an increase in frequency of property losses in the $50,000 range, he added, and large liability losses hurt ex-catastrophe homeowners results.

Written premiums in homeowners over the first nine months declined 6.6 percent, while prices were up 2.5 percent.

Restrepo said prices have increased 10 percent already this year.

Pricing actions in homeowners have affected the insurer's auto insurance segment. Policy counts are down in State Auto's core states of Ohio, Indiana, Kentucky and Tennessee, he said. Written premium for the third quarter in auto was down 7.9 percent, driven by run-off of the company's non-standard auto business to Hallmark Financial Services.

Restrepo told analysts the company is looking to pursue a quota share reinsurance treaty to cover about 65 percent of its homeowners business but State Auto hasn't finished negotiations.

This would mean that about 65 percent is to be moved off the company's income statement.

State Auto has taken action to get great geographic concentration but “we just haven't been able to do it fast enough using the conventional means, which is why we've opted to pursue this quota share,” Restrepo said.