Police are investigating a New Zealand insurer over allegations it provided insurance for dark fleet tankers transporting Iranian and Russian oil.
An investigation by Reuters alleged Auckland-headquartered Maritime Mutual helped provide vessels skirting Western sanctions with the insurance they need to enter ports.
Police told the Herald that officers from its Financial Crime Group searched the offices of Maritime Mutual in 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.
“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.”
Reuters’ 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.
Maritime Mutual has also helped in the trade of tens of billions of dollars of Iranian and Russian oil by providing vessels skirting Western sanctions with the insurance they need to enter ports, according to a Reuters
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 told Reuters that on October 20, its board of directors had resolved not to provide cover for vessels identified by shipping intelligence providers Windward and Lloyd’s List as being in the shadow fleet, as well as fleets carrying Russian oil.
Maritime Mutual has “categorically denied” 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”.
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.
“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.
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”.
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.
Foreign Minister Winston Peters announced sanctions on Iran this month over its non-compliance with nuclear obligations. Photo / Mark Mitchell
Foreign Minister Winston Peters announced this month New Zealand was reimposing sanctions on Iran, with the United Nations’ mandated sanctions reflecting the international community’s “deep concerns about Iran’s non-compliance with its nuclear obligations and unjustifiable levels of uranium enrichment activity”.
The United Nations Sanctions (Iran) Regulations 2025 introduced a range of restrictions including an asset freeze and travel bans for sanctioned persons, import and export bans on certain nuclear and military goods, and a duty on Kiwis to exercise vigilance in dealings with Iran.
A compulsory registration scheme would begin from February for New Zealanders intending to do business with Iran, Peters said.
