Maritime Mutual Insurance Association (MMIA), a New Zealand-based marine insurer, provided insurance coverage to tankers moving sanctioned Iranian-origin and Russian-origin crude oil to buyers in Asia, including China, India, and Malaysia, according to a Reuters review of shipping and insurance records, oil trades, sanctions designations, and interviews. MMIA insured almost one in six tankers in the so-called “shadow fleet” that transports sanctioned oil while obscuring vessel identity and cargo origin, Reuters found. Shadow fleet vessels insured by MMIA included the Yug (formerly Mur), the Fenghuang (formerly Phoenix I and Minerva Zenia), and the Sunsea (Chembulk Tortola).

New Zealand financial crime police searched MMIA’s offices on October 16 as part of an investigation conducted jointly with Australia, the United Kingdom, and the United States into whether the insurer enabled sanctions violations and failed to deter money laundering and terrorism financing. MMIA is headquartered in New Zealand and has two affiliated companies in Dubai, MME Services and Maritime Reinsurance. Family members of its British owner are also linked to Maritime Management Administration Services in Guernsey and Maritime Pacific Insurance Services in the United Kingdom. The company Shiraz Marine claims on its website to be MMIA's representative in Iran. MMIA denies violating international sanctions.