“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.

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 today, the Auckland-headquartered company 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.

“Out of a total market of circa 1700 vessels which have been designated since sanction records began, 92 vessels were applicable to MMIA P&I cover, all of which were immediately cancelled on designation of sanctions,” the company said.

“MMIA rejects the assertion that the company has continued to provide P&I cover to vessels after they were sanctioned.

“MMIA’s systems are designed to detect sanctions designations in real time, and the contractual terms ensure that cover is void from the moment of designation.

“Any records suggesting continued cover after sanctions are likely to reflect outdated data or declarations made by vessel operators without the Company’s knowledge or consent. MMIA’s compliance framework is designed precisely to prevent breaches.”

Maritime Mutual said that every vessel and ownership structure is subject to “rigorous onboarding checks, sanctions screening, and ongoing monitoring”.

As part of its reinsurance arrangements, the insurer says it provides a quarterly list of all vessels insured to all relevant brokers, who then pass it to more than 30 individual reinsurers.

“Each of their compliance teams can independently check these against global sanctions databases, providing an additional layer of external verification and ensuring that no sanctioned vessels are covered by P&I insurance from MMIA,” the company states, adding there is “no suggestion any of our activities have broken international laws”.

“To mitigate potential future allegations, and to minimise risk, on 21 October 2025 MMIA determined not provide cover to any vessel which appears on any list of vessels which is identified by Windward or Lloyds List as being in the ‘shadow fleet’ or ‘dark fleet’ (which includes vessels which are not sanctioned); and will not provide cover to any vessel which is carrying Russian origin oil or refined petroleum products, even if the cargo being carried complies with the international price cap mechanism.”

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.

There is no signage for the company on or inside the building, and no business directories on the lifts. The floor where Maritime Mutual supposedly has an office is only accessible with a security swipe card.

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 this month that 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.