New Zealand Insurer Under Investigation for Links to Sanctioned Tankers

Police in New Zealand are investigating the insurer **Maritime Mutual** over allegations of providing insurance for tankers involved in transporting oil from **Iran** and **Russia**, circumventing Western sanctions. The Auckland-based company is under scrutiny following a report from **Reuters**, which claims that Maritime Mutual facilitated the operations of vessels known as the “dark fleet,” which evade sanctions by using deceptive practices to hide their activities.

As part of this investigation, officers from the New Zealand Police’s Financial Crime Group executed search warrants at Maritime Mutual’s offices in **Auckland** and **Christchurch**, as well as a private residence in Auckland. Detective Inspector **Christiaan Barnard** confirmed that records and documents were seized during the searches. “Three individuals were detained and interviewed, but no criminal charges have been filed at this stage,” Barnard stated. He added that due to the ongoing nature of the investigation, further details could not be disclosed, although authorities are collaborating with both domestic and international agencies.

The investigation reportedly involved sifting through thousands of shipping and insurance records, alongside interviews with over two dozen individuals familiar with the organization’s operations. According to the findings, Maritime Mutual has allegedly aided in the trade of tens of billions of dollars’ worth of oil from Iran and Russia, providing essential insurance for vessels that bypass sanctions.

The dark fleet refers to tankers that engage in illicit trade by obscuring their origins and destinations through false documentation and misleading information. In a recent statement, Maritime Mutual asserted that on **October 20**, its board resolved not to insure any vessels identified by shipping intelligence firms, including **Windward** and **Lloyd’s List**, as part of the shadow fleet or involved in transporting Russian oil. The company has firmly denied the allegations, stating it maintains a zero-tolerance policy toward sanctions violations and adheres to “rigorous compliance standards.”

Research conducted by the **Centre for Research on Energy and Clean Air**, based in **Helsinki**, revealed that between early 2025, 130 out of 231 vessels insured by Maritime Mutual were transporting energy products from Iran or Russia. On average, 30 vessels insured by the company were reportedly carrying such oil daily. **Reuters** reported that 97 sanctioned tankers had Maritime Mutual insurance on the day of its investigation.

Founded approximately 20 years ago by **Paul Rankin**, a British citizen, Maritime Mutual appears to be a family-owned enterprise. The company’s website indicates that it is “not licensed to carry on insurance business in New Zealand” and is unable to underwrite insurance for residents in the country. In **2023**, Maritime Mutual claimed it insured **7,102 vessels**, representing over **23 million gross tonnage**. The company has re-insurance agreements with notable entities such as **Aon**, **Atrium**, **Lockton**, **Hannover**, and **Lloyds Syndicates**.

In a related development, New Zealand’s Foreign Minister **Winston Peters** announced the reimposition of sanctions on Iran, citing concerns regarding the nation’s non-compliance with nuclear obligations. The **United Nations Sanctions (Iran) Regulations 2025** were introduced, encompassing various restrictions including asset freezes, travel bans, and import/export prohibitions on specific nuclear and military goods. Peters highlighted the importance of vigilance in dealings with Iran, mentioning that a compulsory registration scheme for New Zealanders intending to conduct business with the country would commence in **February**.

As investigations continue, the implications for Maritime Mutual and its role in global oil trade remain to be seen. With growing scrutiny from authorities, the company faces significant challenges in maintaining its operations amidst increasing international sanctions and regulatory pressures.