A New Zealand insurer is being investigated over allegations it provided insurance for dark fleet tankers transporting Iranian and Russian oil. Photo / Hossein Fatemi, Middle East Images via AFP
The United Kingdom has sanctioned a New Zealand-based marine insurer after allegations that it provided insurance for dark fleet tankers transporting Iranian and Russian oil.
“[Maritime Mutual Insurance Association (NZ) Limited] is or has been involved in obtaining a benefit from or supporting the government of Russia by carrying on business in a sector of strategic significance to the government of Russia, namely the Russian energy sector," the UK government said in a statement overnight.
The sanctions on the Auckland-headquartered business also cover an affiliate in Gibraltar and an asset freeze and director disqualification.
It comes after an investigation by Reuters, which alleged Maritime Mutual helped provide vessels skirting Western sanctions with the insurance they needed to enter ports.
Police told the Herald in October that officers from its Financial Crime Group searched the offices of Maritime Mutual in Kitchener St, Auckland, and Christchurch, and a private residential address in Auckland, as part of its investigation into alleged breaches of the Russian Sanctions Act 2022.
Detective Inspector Christiaan Barnard said police seized records and documents from the offices.
“Three people were detained and spoken to during the search warrants. At this point, no criminal charges have been filed,” Barnard said in October.
“As this is an active investigation, NZ Police are not in a position to provide further details, however, we are being assisted by partner agencies, both domestically and internationally.”
The new UK sanctions also hit Russia’s dark web of illicit oil traders, sanctioning 175 companies in the “2Rivers” oil network, one of the largest shadow fleet operators globally and a major trader of Russian crude oil.
“Deterring, disrupting and degrading the Russian shadow fleet remains a priority for this [British] government, and this latest swathe of sanctions includes 48 oil tankers transporting oil as part of the Kremlin’s desperate attempt to soften the blow of crushing sanctions,” the UK government said.
“To the Kremlin and those seeking to profit from this illicit trade, the message is clear – Russian oil is off the market."
Reuters earlier said its investigation involved trawling through thousands of shipping and insurance records and hundreds of oil trades and sanctions designations, as well as interviews with more than two dozen people with knowledge of the company.
Shadow or dark fleet tankers evade sanctions, transporting cargo from countries such as Iran. They conceal their trade with fake locations, documents and names.
Maritime Mutual has “categorically rejected” the allegations, claiming it had a zero-tolerance policy toward violations, and operated under “rigorous compliance standards designed to ensure full adherence to all applicable laws”.
In a statement to the Herald when the allegations first surfaced, they said: “Despite an investigation by Reuters that has lasted several months, and by Reuters’ own admission, MMIA has not operated illegally or in contravention to sanctions laws.
“Reuters further concludes that the investigation does not provide a complete picture of MMIA’s operations, of which tankers previously accounted for approximately 6% of MMIA’s total insured fleet. For clarification, MMIA does not provide, and has never knowingly provided, P&I insurance to vessels transporting sanctioned Iranian or Russian energy products in contravention of New Zealand, UK, EU, US or other applicable sanctions regimes.”
It said that any vessel found to be in breach of sanctions, or carrying cargo in violation of applicable laws, is removed from cover immediately and the flag state is notified within 24 hours of cancellation.
The Helsinki-based Centre for Research on Energy and Clean Air had discovered that of 231 vessels insured by Maritime Mutual over a period in early 2025, 130 were carrying energy products from Iran or Russia, and that on average 30 vessels a day that were insured by the company were carrying either Iranian or Russian oil, Reuters said.
“In a review using Lloyds List data, Reuters identified that 97 tankers subject to sanctions had Maritime Mutual insurance cover on the day its review was conducted.”
The company appeared to be family-owned and managed, founded 20 years ago by British citizen Paul Rankin, 75, whose address is listed as being in Guernsey.
Company directors are listed as being in Christchurch, Guernsey, Liechtenstein, Switzerland, China, Hong Kong and the Bahamas.
Maritime Mutual’s staff includes two of Rankin’s daughters, Claire and Sarah, and a son-in-law, Steven Joyce. Reuters reports that Rankin, his wife Agnes, Claire and Joyce are all directors of Maritime Management Administration Services, a company in Guernsey registered in British company filings as a director of British affiliate Maritime Pacific Insurance Services.
The address where Maritime Mutual’s business interests are registered is a nondescript office tower on Auckland’s Kitchener St, opposite Albert Park.
The company’s website carries a warning that it’s “not licensed to carry on insurance business in New Zealand … and not able to underwrite insurance for persons resident in New Zealand”.
The Ministry of Foreign Affairs and Trade (MFAT) earlier said it takes enforcement of the Russia Sanctions Act and its regulations seriously, and New Zealand agencies cooperate on compliance issues.
“As the operational regulator for the Russia Sanctions Act 2022, we do not comment on ongoing enforcement activities,” a spokesperson said.
The Insurance Council of NZ said it was made aware of Maritime Mutual by the media last year.
However, a spokesman told the Herald: “It is not, nor has it ever been, a member of the Insurance Council of New Zealand.”
Maritime Mutual says it has insured 7102 vessels in 2023, and over 23 million gross tonnage, according to its website.
It had re-insurance cover from Aon, Atrium, Lockton, Hannover and Lloyds Syndicates, The Maritime Executive reported.