Last Christmas, the tanker Yug left the Chinese port of Qingdao after offloading 2 million barrels of Iranian oil under sanctions. In the icy waters near the Arctic, another vessel carrying Russian crude headed toward India, while a third ship discharged Iranian cargo off Malaysia’s coast. Despite their different owners and clients, all three vessels shared a common backer: Maritime Mutual, a small New Zealand-based insurer supported by some of the world’s largest reinsurers.
Maritime Mutual, run by 75-year-old Briton Paul Rankin and his family, has insured vessels ranging from tugboats to cargo ships for over two decades. According to a Reuters review of thousands of shipping and insurance records, hundreds of oil trades, sanctions data, and interviews with more than two dozen industry insiders, the company has provided critical insurance coverage for ships in the so-called shadow fleet—tankers transporting sanctioned cargoes from countries including Iran, Russia, and Venezuela while concealing their activities through fake locations, documents, and names.
Reuters found that Maritime Mutual has at some point insured nearly one in six of the shadow fleet tankers sanctioned by Western governments, including the United States, the European Union, and Britain. David Tannenbaum, director of sanctions consultancy Blackstone Compliance Services and a former U.S. Treasury sanctions specialist, described the company as a “big power player” in the industry, with numbers surpassing many major shadow fleet operators.
New Zealand authorities, in coordination with Australia, Britain, and the United States, have launched an investigation into Maritime Mutual over concerns it may have facilitated sanctions violations and failed to uphold obligations to prevent money laundering and terrorism financing. Police searched the company’s Auckland and Christchurch offices on October 16 and seized documents and records. Maritime Mutual confirmed the police entry but did not comment further. The investigation has not led to any criminal charges at this stage.
In response to Reuters, Maritime Mutual “categorically denies” any breach of international sanctions and maintains that it operates under strict compliance standards. On October 21, the company announced it would no longer provide insurance for any vessel identified by shipping intelligence providers as part of the shadow fleet, or for any ship carrying Russian oil or refined petroleum products.
Maritime Mutual’s protection and indemnity (P&I) insurance does not cover cargo or the vessel itself but protects ship owners against liabilities for harm to people, property, or the environment. Industry experts told Reuters that without such coverage, shadow fleet tankers could not operate, as even Iranian and Russian ports require proof of insurance. Reuters compiled a list of 231 tankers insured by Maritime Mutual since 2018, finding that 130 had transported Iranian or Russian oil after sanctions were imposed. These vessels collectively moved at least $18.2 billion of Iranian oil and $16.7 billion of Russian energy products.
Many vessels insured by Maritime Mutual have been linked to attempts to obscure their positions. Global Fishing Watch identified 274 instances between 2021 and mid-2025 where ships switched off or spoofed their automatic identification system signals, a tactic used to evade monitoring. Maritime Mutual did not comment on these findings.
The insurer spreads the financial risk of large claims through reinsurance, relying on major global firms including members of Lloyd’s of London, Munich Re, Hannover Re, and Britain’s MS Amlin and Atrium. While reinsurers must adhere to sanctions compliance, Reuters reporting indicates that some covered vessels were operating while sanctioned, creating potential regulatory exposure.
Founded in 2004, Maritime Mutual has long catered to smaller ships and older fleets but has increasingly focused on the shadow fleet. The company has affiliated operations in Dubai and cultivated relationships with Iranian shipping companies prior to the reimposition of U.S. sanctions in 2018. Revenues soared from $14.2 million in 2018 to $108.5 million last year, reflecting increased business from larger ships and, according to Reuters sources, the shadow fleet.
New Zealand’s regulators only recently turned their attention to Maritime Mutual, after concerns were raised that the company had leveraged its local base to project an image of legitimacy while potentially enabling sanctions circumvention. Investigators are now collaborating with international partners to examine compliance with Russian and Iranian sanctions, as well as obligations related to anti-money laundering and counter-terrorism financing. Maritime Mutual has declined to comment on the ongoing probe.
