He advised and was a director of various reinsurance companies from 1984 to 2008.

For proof, just look at the stock prices of other reinsurance companies, which have been booming in the last three months.

German officials are conducting a similar review of moves related to three large reinsurance companies.

They include branches or subsidiaries of nearly all the world's largest international insurance and reinsurance companies.

It has everything it needs, he says, "to become the world's most profitable reinsurance company."

"He could have just continued to manage money, but he genuinely wants to build a large reinsurance company."

"It's mainly because the reinsurance companies are getting water-shy and pulling back," he said.

Hayek started his business career working as an actuary for a Swiss reinsurance company.

His campaign spokeswoman added that his use of offshore reinsurance companies is normal.

Insurers may be less comfortable today that a reinsurance company will be able to cover losses.