Munich Re has joined the growing hurricane casualty list, projecting a third-quarter net loss of €1.4 billion ($2.1 billion) and discarding its full-year €2-€2.4 billion ($3-$3.6 billion) profit estimate.

The German reinsurer is anticipating €2.7 billion ($4.1 billion) in losses after retrocession from the three hurricanes that hit the US and the Caribbean.

The hurricanes and man-made losses will push overall major loss expenditure to €3.2 billion ($4.8 billion) in the quarter to September 30.

“Munich Re is now proceeding on the assumption of generating a small profit for the year… on the proviso that business performs in line with expectations in the last quarter,” it says.

The group reported €684 million ($1.03 billion) profit in the third quarter last year and full-year profit of €2.58 billion ($3.9 billion).