Munich Re has reported a third-quarter result well below financial analyst expectations following losses from natural catastrophes including Hurricane Helene.

The reinsurer generated a preliminary net result of about €900 million ($1.5 billion), compared with a mean consensus estimate of €1.419 billion ($2.3 billion).

Helene, which hit the US southeast, led to about €500 million ($809 million) in losses, accounting for Munich Re’s largest single claims event in the quarter.

Three loss events in Canada together caused similar claim costs, Storm Boris and consequent flooding hit central and eastern Europe, and Hurricane Beryl also brought losses in the US and the Caribbean.

Munich Re says claims expenditure attributable to Hurricane Milton will probably be significant, but the company still expects to surpass its full-year profit target of €5 billion ($8.1 billion), buoyed by “the very good net result” of €4.7 billion ($7.6 billion) for the first nine months.

The company will report finalised third-quarter results on November 7.