(Bloomberg) -- Munich Re, the world’s largest reinsurer, said stormsled by Hurricanes Harvey and Irma will probably wipe outthird-quarter profit and threaten the company’s ability to meet itsfull-year earnings target.

High insured losses

“These two events are expected to result in high insured losses,which the market and Munich Re are unable to quantify at themoment,” the company said Wednesday in a statement.

The storms in North America add to challenges for new ChiefExecutive Officer Joachim Wenning who is seeking to counter yearsof falling profit as the company was pressured by low interestrates and competition from Wall Street firms in taking onweather-related risks. The company had previously given guidance of2017 profit of 2 billion euros ($2.4 billion) to 2.4 billioneuros.

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