A small insurance firm headquartered in New Zealand has emerged as a pivotal player in the global trade of sanctioned oil, raising concerns among Western regulators and prompting an international investigation. Maritime Mutual, led by 75-year-old Briton Paul Rankin and his family, has provided insurance coverage to vessels transporting billions of dollars’ worth of Iranian and Russian oil – often in defiance of Western sanctions intended to curb the revenues of Tehran and Moscow.
Last Christmas, the tanker Yug departed the Chinese port of Qingdao after offloading sanctioned Iranian oil, while another vessel carried Russian crude through Arctic waters to India, and a third unloaded Iranian oil off Malaysia. Though these ships had different owners and destinations, they shared a crucial link: insurance from Maritime Mutual. The company’s coverage allowed these tankers – part of the so-called “shadow fleet,” notorious for using false documentation and location spoofing – to access ports and operate globally despite being blacklisted by the United States, European Union, and Britain.
A Reuters investigation, drawing on thousands of shipping and insurance records, interviews, and data from shipping intelligence providers, found that Maritime Mutual has insured nearly one in six shadow fleet tankers sanctioned by Western governments. Industry experts describe the company as a “big power player” in the shadow shipping sector, with its insurance coverage enabling vessels to move sanctioned cargoes that might otherwise be barred from international waters.
While previous reporting had noted Maritime Mutual’s involvement with a handful of sanctioned tankers, recent findings reveal the true scale of its operations. The company, based in a nondescript Auckland office, insures around 6,000 ships globally, including approximately 480 tankers, Reuters reported. Of 231 tankers identified as having had Maritime Mutual coverage since 2018, 130 were found to have carried Iranian or Russian energy products after sanctions were imposed.
Commercial databases and energy sector analysts estimate that tankers insured by Maritime Mutual have shipped at least $18.2 billion of Iranian oil and $16.7 billion of Russian energy products since the relevant sanctions took effect. On any given day, dozens of Maritime Mutual-insured vessels are moving sanctioned cargoes, with the insurer’s protection and indemnity (P&I) coverage proving essential for their continued operation.
Maritime Mutual’s activities have drawn the attention of authorities in New Zealand and allied countries. In October 2024, New Zealand’s central bank received a tip-off about the company’s use of its local base to project legitimacy. Since then, New Zealand, in coordination with Australia, Britain, and the United States, has launched an investigation into whether Maritime Mutual enabled sanctions violations or failed to prevent money laundering and terrorism financing.
On Oct. 16, New Zealand police searched Maritime Mutual’s offices in Auckland and Christchurch, seizing documents and questioning staff. While no criminal charges have been filed, the probe marks the first time the company has come under such scrutiny in its two decades of operation, Reuters reported. Maritime Mutual has denied any wrongdoing, insisting it maintains a “zero-tolerance policy” on sanctions breaches and operates under rigorous compliance standards.
In response to mounting pressure, Maritime Mutual announced in October that it would no longer insure vessels identified as part of the shadow fleet or those carrying Russian oil, citing the disproportionate compliance burden. The company claims that insurance coverage is automatically cancelled if a ship is sanctioned, and that it now requires clients to warrant full compliance with sanctions regimes.
The insurer’s reach extends beyond its own policies. Maritime Mutual is backed by major global reinsurers, including Lloyd’s of London members, Munich Re, Hannover Re, and others. These relationships have raised the stakes for compliance, as reinsurers and brokers could face enforcement actions if found to be supporting sanctioned trade, according to Reuters.
Despite the company’s assertions of compliance, industry insiders highlight the challenges of verifying that clients adhere to sanctions, especially when vessels use tactics like turning off tracking systems or falsifying data. Between 2021 and mid-2025, ships insured by Maritime Mutual were found to have manipulated their automatic identification systems hundreds of times to evade detection.
Maritime Mutual’s revenues have soared in the wake of renewed sanctions on Iran and Russia. From 2019, after the U.S. reimposed sanctions on Iranian oil, the company’s sales surged by an average of 41% annually, reaching $108.5 million in 2024, Reuters reported. The insurer’s early business focused on smaller, older ships, but it has increasingly targeted the shadow fleet, particularly through affiliated companies in Dubai.
The company’s founder, Paul Rankin, and his family have long managed the business, which has also faced past allegations of insuring North Korean vessels. Maritime Mutual’s ties to Iranian shipping interests date back to at least 2016, when it authorized an Iranian firm to promote its services in the Islamic Republic.
While Maritime Mutual insists it has robust due diligence and compliance procedures, Reuters was unable to independently verify the full extent of its client roster or the outcomes of insurance claims involving sanctioned vessels. The company does not publicly disclose which ships it insures, nor does it share this information with major shipping data providers.
As global regulators intensify their scrutiny, the case of Maritime Mutual highlights the complex web of insurance, sanctions, and shadow shipping that continues to shape the flow of sanctioned oil worldwide. The outcome of ongoing investigations may have far-reaching implications for the industry and the enforcement of international sanctions regimes.
