As a New Zealand police investigation into Auckland-based insurer Maritime Mutual continues, the British Government has imposed sanctions on Maritime Mutual saying it; "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".
This comes after Maritime Mutual, full name Maritime Mutual Insurance Association (NZ) Ltd (MMIA), featured in a Reuters investigation published last October. The report alleged MMIA; "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".
A spokesperson for the insurer told interest.co.nz on Wednesday it “strongly disagrees” with the decision to designate MMIA on the Britain’s Russia sanctions list, as Russia's war against Ukraine continues. The MMIA spokesperson says the British Government decision is wrong, and it's considering its options.
MMIA, which is not subject to NZ’s insurance law or Reserve Bank oversight as it does not carry out insurance business in Aotearoa, says it; “categorically rejects” any suggestion it has “breached applicable sanctions or engaged in conduct designed to circumvent them”.
Also on Wednesday, a police spokesperson said NZ Police don't have an update at this time, with the investigation continuing.
Last October, a police spokesperson told interest.co.nz officers had conducted search warrants in mid-October, in relation to alleged breaches of the Russia Sanctions Act 2022. The spokesperson said inquiries into a NZ incorporated company led officers from the Police Financial Crime Group to execute these warrants at company offices in Auckland and Christchurch, and at a residential address in Auckland.
At the time, 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,” Barnard said.
The British Government’s sanctioning of MMIA comes as the UK’s Foreign, Commonwealth & Development Office and its Foreign Secretary Yvette Cooper announced a “landmark sanctions package, cutting off critical oil revenues and further degrading the Kremlin’s ability to wage its illegal war”. This includes cracking down on oil exports and key suppliers of military equipment fuelling war efforts.
“The Secretary of State considers that there are reasonable grounds to suspect that Maritime Mutual Insurance Association (NZ) LTD is an involved person under the Russia (Sanctions) (EU Exit) Regulations 2019," the British Government said on its sanctions list.
The sanctions imposed include asset freezing, a director disqualification sanction and trust service sanctions.
Maritime Mutual 'considering all our options’
In a statement, a spokesperson for the insurer said: “The Board of Maritime Mutual Insurance Association (MMIA) strongly disagrees with the UK Foreign, Commonwealth & Development Office’s (FCDO) decision to designate Maritime Mutual Insurance Association (NZ) Ltd and Maritime Mutual Association Limited on the UK’s Russia sanctions list.”
“We are considering all our options,” the spokesperson said.
“Designation of these two entities cannot further the British Government’s ambition to crack down on critical Russian energy revenues, including oil exports. This is because MMIA and its associated and subsidiary businesses do not provide cover to any vessel within the shadow and dark fleets or to vessels carrying oil and associated products originating from Russia.”
“Any vessel carrying MMIA insurance that subsequently becomes listed within one of these categories has its insurance cancelled, per our policy wording as updated in October 2025,” the MMIA spokesperson said.
“The Government is incorrect in its assertion that MMIA is 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.”
“Therefore, the impact of the FCDO’s designation will be on fully compliant employees and stakeholders that have nothing to do with the nexus of Russian sanctioned activity,” the spokesperson said.
New Zealand’s own deep dive
Maritime Mutual's website makes clear it’s not licensed to carry out insurance business in NZ and nor is it available to the NZ public.
Its website says it provides protection and indemnity (P&I) insurance, and is “backed by Lloyd’s syndicates and London company market insurers”. Maritime Mutual’s website also says it’s not subject to New Zealand's Insurance (Prudential Supervision) Act (IPSA).
Its founder, Paul Rankin, has provided an address in Guernsey to the Companies Office, with the NZ company's shareholder, Maritime Mutual Association Ltd, having a Gibraltar address.
In October, a spokesperson for Foreign Affairs Minister Winston Peters said NZ agencies had been aware of the insurer and were “engaging with it actively on regulatory matters”.
On Wednesday, a spokesperson for the Ministry of Foreign Affairs and Trade said "since October 2025, MMIA has been under investigation for possible breaches of the Russia Sanctions Act".
"As this is an active investigation, we cannot comment further."
MMIA was incorporated in June 2004. Reuters previously reported the company was accused by Japan in 2005 of insuring North Korean ships, with Rankin telling a New Zealand official in 2006 it no longer insured North Korean vessels, according to leaked US diplomatic cables published by WikiLeaks.
Peters' spokesperson previously said Japan had asked New Zealand about MMIA’s legal status and insurance activities in 2005.
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