OK HOLDING, established in 1999 as OK GROUP, initially focused on customised insurance services for corporate clients and industrial risk management before transforming into a specialist intermediary with a strong emphasis on advisory capability and client advocacy in claims, particularly for industrial and commercial risks.

Talking about Assurex Global’s network, it operates through an exclusive partnership model with roughly 100 independent firms worldwide, consolidating itself as a specialist intermediary with a strong emphasis on advisory capability and client advocacy in claims, particularly for industrial and commercial risks.

“We are thrilled to welcome OK HOLDING to the Assurex Global Partnership. Their dedication to risk management, deep technical expertise, and outstanding client advocacy perfectly align with the rigorous standards we expect from our Partner Firms. We look forward to the unique perspectives and robust regional strength they will bring to our global network,” Hildebrandt said.

Through OK HOLDING’s addition, Assurex Global will have a stronger foothold in the CEE region, where insurance penetration and premium growth continue to outpace many Western European markets.

“The Czech insurance sector has posted resilient gains in recent years, with non-life premiums and life premiums both recording solid growth as economic conditions and risk awareness improve. Forward-looking forecasts suggest Czech life and non-life premiums will expand at a mid-single-digit annual rate through the remainder of the decade, supported by continued development of the corporate and SME sectors and rising personal lines demand. For international broker networks like Assurex, working with established independent firms in markets like the Czech Republic offers a way to access that growth while retaining on-the-ground expertise in regulation, distribution, and client relationships,” reported Insurance Business recently.

OK HOLDING, known as an umbrella brand providing insurance, finance, and investment solutions, has incorporated entities like OK KLIENT and OK PROFIT, broadening the venture’s reach and service portfolio.

“The expansion has been driven by a combination of steady organic growth and partnerships with regional brokerages, giving the firm a wider distribution footprint across the Czech market and into neighbouring territories,” Insurance Business stated.

“Becoming a Partner Firm of Assurex Global is a significant milestone for OK HOLDING. This partnership not only validates our commitment to providing top-tier consultancy and customised solutions but also empowers us to offer our clients even greater value through an expansive global network. We are truly excited about the collaborative opportunities that lie ahead,” said Radoslav Kubis, chairman of the board.

The post Assurex Global adds Czech brokerage OK HOLDING to its partner network appeared first on International Finance.

“Maestro has been designed as an AI-supported front door for agents, replacing the need to toggle among multiple point solutions and logins. The platform centralises client information, property search activity, marketing campaigns and deal documents to streamline daily workflows and keep agents focused on live transaction activity,” HomeServices of America said.

“The goal of Maestro is to allow our agents in every market to spend more time doing what they do best – leaning into their relationships with their clients, rather than being bogged down with unnecessary complexity in their day-to-day work. It’s designed so that the technology intuitively supports the agent and their business and is another step towards a true end-to-end platform, something only HomeServices is in a position to deliver through our ownership over the brokerage, mortgage, title and insurance experiences,” said Chris Kelly, president and CEO of HomeServices of America.

The company’s innovative product comes amid headwinds like commission compression, higher lead costs and regulatory scrutiny pressuring brokerage profitability. Firms are betting on integrated platforms lifting agent productivity, along with activities like transaction capture (the final step in a two-phase payment process where a merchant collects previously authorised funds from a customer’s account, finalising the sale).

“For HomeServices, Maestro is a bid to standardise operations across markets and keep agents inside a single ecosystem of tools owned or controlled by the company,” the company continued.

Maestro will be rolled out across HomeServices of America’s brokerage footprint, which includes company-owned firms and franchise brands under the Berkshire Hathaway HomeServices network. The new tool, by bringing search, marketing and transaction machineries under one roof, will be looking to reduce manual data entry, apart from cutting down workarounds, which will only help real estate agents respond faster to their clients.

For housing industry professionals, the launch of Maestro also reflects a broader industry shift away from disconnected tech stacks. The AI tool will unify proprietary operating systems, spanning the full real estate lifecycle (from lead generation through closing and related services). Large brokerages and franchise networks have reportedly been investing heavily in in-house technology amid tight margins and increasing competition from vertically integrated property players and portals.

“Maestro will surface ‘clear and relevant information’ to agents at each step of a deal, from new lead engagement to listing launch and transaction management. By tying together sales, marketing and administrative tasks, the company aims to create a more consistent experience for agents and consumers while driving more volume through its affiliated mortgage, title and insurance businesses,” HomeServices of America concluded.

The post HomeServices of America launches AI-powered Maestro for real estate agents appeared first on International Finance.

While 21st century businesses have no other option but to take the volatile geopolitics into consideration while expanding their operations, the insurance sector faces the challenge of accurately assessing the possible outcome of damages and calculating appropriate premiums to charge.

As of 2026, war insurance remains an unknown quantity for insurance companies, with a high risk that a policy issued in this domain could lead to insolvency.

While industries like aviation and maritime trade still get specific war insurance options tailored to their needs, International Finance, using the ongoing Middle East conflict as a case study, examines how the broader War risk insurance industry has come under tremendous stress.

In Dire “Straits at Hormuz”

On February 28, 2026, the coalition of the US and Israel launched targeted air raids against Iran’s military and missile infrastructures, along with its decision-makers, repeating a similar act from 2025, killing the Western Asian nation’s Supreme Leader Ali Khamenei and many senior government and military officials.

Since then, Iran’s retaliatory missile and drone attacks across the Middle East have introduced chaos in the entire region. Apart from the American bases located in the region, energy production facilities are being attacked, while maritime trade through the Strait of Hormuz (one of the important shipping lanes) faces severe disruption.

While aviation and maritime trade are known for getting specific war insurance options, immediately after the conflict’s beginning, marine insurers started cancelling war risk coverage for vessels, as three tankers were damaged in the first week.

Through the Strait, oil equal to about one-fifth of global demand is moved by Saudi Arabia, the United Arab Emirates (UAE), Iraq, Iran, and Kuwait, with tankers hauling diesel, jet fuel, gasoline and other products. While maritime insurance majors, including Gard, Skuld, NorthStandard, the London P&I Club, and the American Club, excluded Iranian waters, Gulf and adjacent waters from their War risk insurance commitments, Skuld is reportedly working on a buy-back option to reinstate cover.

This move has led to a situation where the costs of shipping oil from the Middle East to Asia, already at six-year highs, could put the global energy trade under tremendous financial stress.

By March 13, the rates for a weekly coverage reportedly stood around ten times higher than before the beginning of the conflict, raising the transportation cost in the shipping corridor as well.

Nick Francis, Partner with Kennedys Legal Solutions in Singapore and Hong Kong, told International Finance that the coverage rise should be viewed using the parameter called additional war risks premiums (AWRP).

“AWRP, as the name suggests, is driven by risk. The risk in the Persian Gulf and surrounding areas has obviously escalated dramatically since the Iran conflict began. As a sidenote, while AWRP has exponentially increased, so have charter rates for these vessels – particularly tankers – so owners/operators are willing to pay the AWRP (which is usually passed on to charterers of vessels under charterparties in any event),” said Nick.

According to the marine journal Lloyd’s List, as of March 13, high-risk voyages were being quoted at approximately 7.5% of the ship’s value. This ratio may rise to 10% or more. Before the war onset, additional premiums (AP) for voyages through the Middle East Gulf (MEG) typically ranged from 0.15% to 0.25%.

The geopolitical developments in the last three to four years (including those in Ukraine and the Suez Canal) have made one thing clear: the choking of shipping lanes will be the new normal. In that case, will it add pressure to the WRI industry?

Nick, a leading shipping and international trade lawyer, told International Finance, “The insurance industry is built on an ability to price risk. I think the market is well steeled for the current conflict, given the recent experiences with the Black Sea/Sea of Azov following the Russian invasion of Ukraine, and the Houthi attacks in the Red Sea.”

Could the insurers have handled the Hormuz situation in a better manner?

Nick said, “The insurance industry is there to provide cover for various risks, which it does. It doesn’t create the risk.”

Shipping sector in a tight spot

Discussing risks, things are getting uncertain within the commercial marine industry itself, with a strong probability of hull rates rising. Dylan Mortimer, Vice-President of New York-based insurance player Marsh, told the Reinsurance News that there could be near-term rate increases for the Marine Hull line of businesses operating in the Gulf region by 25%-50%, with underwriters swiftly cancelling certain annual hull war policies under standard seven-day war clauses.

Stephen Rudman, head of marine for Asia at Aon, told Modern Diplomacy that the increase in hull war market rates should be seen as a quick response to the risk of significant losses if multiple vessels are attacked at the Strait of Hormuz. According to Rudman, there will be heightened underwriting scrutiny for voyages into or near sensitive (conflict) zones, including a potential requirement for prior approval.

Estimates by global investment giant Jefferies suggests that damages from seven reported vessels at the Strait (figures as of March 6) could lead to industry losses of up to USD 1.75 billion. Tankers valued at USD 200-USD $300 million could face new insurance rates of approximately 3%, translating to about USD 7.5 million in premiums, a significant rise from roughly USD 625,000 before the conflict.

Shedding further light upon the crisis, Nick noted, “When costs rise for the owner and operators of vessels, they will inevitably be priced into charter rates. Increased cargo premiums will obviously affect the landed value of goods – and will eventually be passed on to the end consumer.”

According to Sheila Cameron from the Lloyd’s Market Association, by March 6, about 1,000 vessels (mostly oil and gas tankers), with a total hull value exceeding USD 25 billion were in the Persian/Arabian Gulf region.

Stating that while most of these vessels are insured within the London market, she told Modern Diplomacy, “Reinsurers may respond to increased risks by adjusting the conditions under which their liability begins, potentially leaving main insurers with more risk and stress on their solvency levels.”

Also, the International Group of P&I Clubs has ceased coverage for vessels operating in and around Iran. Without it, shipowners will face open-ended liabilities, often halting voyages in high-risk areas. Industry reports reveal that such war-risk exclusions in the past led to reduced traffic and higher freight costs, and the same pattern can now re-emerge in the Persian Gulf as well.

According to London-headquartered GlobalData, reinsurers are repricing exposures across sectors such as marine, aviation and energy, while maintaining coverage continuity wherever possible. The conflict is affecting the sector through both direct exposure to loss events and indirect pressures, including higher reinsurance costs, capital flows, and inflation.

If anything, the changing geopolitics have taught the 21st century global socio-economic order that businesses need to engage with insurers to address disruptions and risks tied to war-like events, without any laxity.

Expressing confidence in the sector’s resilience, Nick concluded, “War is not new. War risk insurers have been recently dealing with the events in the Black Sea/Sea of Azov, involving missile strikes on vessels and, later, numerous constructive total losses (following a 12-month deprivation period), and missile attacks by Houthis in the Red Sea – so they are well- prepared to deal with the current events in the Persian Gulf.”

The post IF Insights: Choking of Strait of Hormuz tests limits of war risk insurance appeared first on International Finance.

“There was no shortage of headwinds to customer satisfaction with the property claims experience this year, particularly when it comes to the financial burden customers face, but carriers were really able to counter the negative effects of higher prices by delivering exceptional service,” said Mark Garrett, director of insurance intelligence at JD Power.

“Thanks to investments made over the past several years in digital channels that make it faster and easier to communicate with customers throughout the claims process, insurers have made important efficiency gains that are translating into better customer experience. Despite the industry-wide improvement, however, customer expectations are not always met, with almost one in five customers indicating their experience was not great, so there is still work to do,” the official added further.

“Customers are satisfied despite cost pressures: A total of 19% of homeowners’ insurance customers faced insurer-driven premium hikes, out-of-pocket expenses, and a deductible of USD 1,000 or more. Even though satisfaction among customers who faced all three of these challenges averages only 606 (on a 1,000-point scale) this year, overall customer satisfaction for the industry rises 20 points to 702,” the study noted.

“The average amount of time required to complete a repair is 29.6 days, down 2.8 days from 2025, and the average amount of time before customers receive final payment is 40.7 days, down 3.4 days from last year. Repair cycle times are heavily influenced by the use of direct repair programmes, through which the insurance company connects homeowners with a contractor from their approved network. Among the 41% of customers using these programmes, there is a notable improvement in the average time to start work, leading to faster overall repairs—averaging more than two weeks shorter for higher-severity claims compared to those not using the programmes,” it added.

While the utilisation of digital tools increased throughout touchpoints of an insurance claim, be it reporting the first notice of loss to submitting photos used to estimate/pay the claim, apart from receiving updates, overall levels of satisfaction remained higher among customers using digital tools for each of these interactions, compared to those who performed the same functions offline.

“While 51% of insurers fully meet customer expectations for how their policy will work, and 15% exceed those expectations, 34% of customers say their policy did not fully meet expectations. Common issues experienced among those whose policies did not fully meet expectations are a lack of explanations or the opportunity to discuss the estimate/settlement; high out-of-pocket costs; and frequent customer-initiated contacts,” the report concluded.

The post US homeowners witness better insurance claims satisfaction: JD Power report appeared first on International Finance.

As of March 11, three commercial container vessels were struck by missiles or drones in Gulf waters within days of each other. These incidents included a Thai-flagged vessel that was hit 11 nautical miles north of Oman, a Japanese vessel that struck off the coast of the UAE, and a third vessel targeted northwest of Dubai. And they weren’t near misses or accidents; most were hit directly. This has changed how logistics works in the region.

The industry has responded quickly, though cargo owners have been disoriented. Major container ship operators terminated their contracts, offloaded their legal obligations, and dropped containers at the nearest safe port. However, “the nearest available port” is a loosely applied concept. Because operators make unilateral decisions about where goods land, there is little transparency or logic behind their choices. Cargo owners are now finding their shipments stranded in ports they never contracted for.

Ports in Saudi Arabia, Bahrain, and the UAE have suspended operations entirely, while others are working with significant delays. Although the global port network remains open, it is currently absorbing a surge of redirected traffic that has led to congestion and vessel bunching at major hubs like Singapore and Rotterdam. This phenomenon, where ships must queue because ports cannot process arrivals fast enough, has created a prominent side effect characterised by rising labour costs, lower unloading speeds, and significant strains on storage capacity.

Cargo owners will bear the brunt of this catastrophe in the coming days. Goods are sitting exposed at ports without adequate storage infrastructure and are vulnerable to loss and damage.

Recovering these losses depends on the contracts that were signed between shippers and vessel owners, though they vary from company to company and contract to contract. Delay-related losses are usually excluded under the standard Institute Cargo Clauses (A), meaning the cargo policy simply will not pay out.

In addition to cargo owners, ports and terminals face significant hardships as congestion-related incidents become increasingly common and insurance coverage remains dependent on regional policies.

Consequently, businesses moving goods through Gulf waters must review their contracts, stress test their insurance coverage, and prepare for persistent delays and rerouting for the duration of the conflict.

The post Gulf shipping crisis: What cargo owners and port operators need to know appeared first on International Finance.

The partnership will address the increasing demand for contextual insurance experiences at the point of sale (PoS), thereby providing a product-agnostic solution to enable businesses to launch and scale bespoke insurance programmes at short notice, while keeping pace with sustainability, innovation, and evolving client needs.

Unlike conventional models of insurance sector tie-ups, the Willis-Qover partnership will focus on the embedded and affinity space, allowing United Kingdom-based businesses, irrespective of their industry verticals, to directly incorporate insurance products into customer journeys.

With disruptive methods like APIs, real-time dashboards, and AI-enhanced claims, Qover has redefined the practice of embedded insurance orchestration (a modular, technology-driven framework allowing businesses to seamlessly integrate tailored insurance products directly into their customer journeys), while Willis is known for providing market access, insurance design capabilities, and local execution through its advanced tools.

Anthony Borgman, Head of Affinity, GB at Willis, told the media, “Strengthening our ecosystem is a core part of how we continue to meet the evolving needs of our GB Affinity clients and deliver agile distribution capability. Partnering with Qover enhances the connected infrastructure behind our propositions – giving us greater flexibility, improved speed to market, and more ways to support clients’ brands operating in a wide range of industry verticals. It’s an important step in our journey, and there’s more to come on this in the year ahead.”

“Insurance experiences must be seamless, contextual and simple. We are excited to support Willis’ GB Affinity ambitions as they continue to build the next generation of partner solutions,” Quentin Colmant, CEO and Co-Founder at Qover, remarked during the occasion.

However, the partnership will meet an immediate test, in the form of both British and European regulators scrutinising the tie-up for add‑on and bundled products, placing more emphasis on product governance, fair value and clear communication of coverage and exclusions. Both Willis and Qover may have to explain how their products are sold, how customers use them and whether they receive appropriate outcomes over time.

The post Insurance brokerage Willis expands GB Affinity ecosystem through Qover tie-up appeared first on International Finance.

The Iranian Revolutionary Guard announced on March 5 that the choke-point would be under their control for the duration of the war. This makes any voyage through the narrow pass extremely risky.

IRGC Navy official Mohammad Akbarzadeh claimed, “Currently, the Strait of Hormuz is under the complete control of the Islamic Republic’s Navy,” warning ships risk missile or drone damage.

Major international container liners like Maersk, MSC, and CMA CGM are all halting operations effective immediately and navigating their vessels to safe contingency ports.

Among them, Danish shipping titan Maersk also halted cargo bookings from most Gulf markets after a war-driven risk assessment. The company confirmed that there shall be no more bookings accepted from Iraq, Qatar, UAE, Kuwait, Bahrain, and certain parts of Saudi Arabia and Oman “until further notice.” Maersk assured that there will be humanitarian exceptions that apply to food, medicine, and essential goods.

However, operations to Jordan and Lebanon will remain unaffected, and there are two Maersk vessels in the Gulf currently.

The 33-kilometre-long strait controls roughly 20% of all global crude oil shipments, as well as noteworthy volumes of liquefied natural gas.

Khaled Ramadan, a Cairo-based economist, said that oil and gas transit through the strait would fall by 80% with escalating tensions. Consequently, worldwide prices for oil and goods are expected to spike.

Maersk is not the only company wary of Gulf waters. German carrier Hapag-Lloyd also suspended shipments to and from the upper Gulf. Hapag-Lloyd said: The suspension is “a necessary response to current security conditions and regulatory restrictions,” as “safety of its crews, vessels, and cargo remains its highest priority.”

China’s COSCO cancelled bookings to multiple Gulf ports. Mediterranean Shipping Co. also declared an end of voyage for all Gulf-bound cargo, is diverting vessels to the nearest safe port, and is imposing a surcharge of $800 per container.

France’s CMA CGM prioritised the safety of its crew and vessel, and APM Terminals Bahrain also used emergency measures to divert its vessels and sailors to Khalifa bin Salman Port.

Inflammatory remarks by Iranians like Brig. Gen. Sardar Ebrahim Jabbari, who said that the “Strait of Hormuz is closed,” while vowing to “burn any ship that tries to pass”, is of great concern to insurers.

The insurance markets are reassessing their insurance premiums. It’s going to be an expensive affair to insure all the transport ships passing through the strait under such perilous conditions. Some prominent London insurers are still willing to offer coverage, but at extremely sharp premiums that are rising daily.

Marsh McLennan, an insurance broker, met with US officials to remedy maritime trade woes amidst the deepening crisis. Without de-escalation, global supply chains and energy markets will be consumed by inflationary chaos.

However, US officials have promised respite and intervention. US President Donald Trump claimed that the US Development Finance Corporation (DFC) will provide political risk insurance at a very reasonable price, and added, “If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz.”

McLennan noted pre-conflict rates were 0.25%, now doubling as “insurers are cancelling pre-existing war risk policies and looking to renegotiate at higher prices.”

War-risk premiums could rise up to 50%, e.g., from $250,000 to $375,000 for a $100M vessel per voyage.

Experts say this could be part of Iran’s economic war. It doesn’t have to sink every ship that passes through the Strait of Hormuz. It just needs to make it unsafe enough to be uninsurable. Thereby driving up the costs of shipping and consequently the goods astronomically.

“Tanker traffic depends not just on whether ships can technically pass through Hormuz, but on whether operators can obtain war-risk coverage… Once coverage becomes uncertain or prohibitively expensive, trade slows faster than the formal status of the waterway changes. Insurance, in effect, becomes the market’s enforcement mechanism for geopolitical fear,” said Umud Shokri, energy strategist at Stimson Centre.

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Succession is often treated as a technical exercise. Families are advised on companies, foundations, trusts, shareholder agreements, and life insurance. The documents are signed and there is a sense that the plan is “done”. The real vulnerabilities lie in human dynamics, unspoken expectations, and unresolved questions of what the family is actually trying to preserve.

Survival mode and the residue it leaves behind

Many first-generation founders built their wealth under constant pressure. Business demands invariably came first, so emotional conversations at home were easy to postpone.

That does not necessarily make anyone a poor parent, but it can leave residue on the dynamics. From that point, even well drafted structures can strain. Decisions that appear to be about strategy or valuation often carry older emotional weight. A disagreement over governance is also a dispute about recognition. A debate about liquidity is also a conversation about trust.

Patterns that repeat across generations

Parents can sometimes confuse their own unmet needs with their children’s needs. A child who wants responsibility may receive only protection. Another who needs space may feel held in place by a structure designed to “keep the family together”. Over time, frustration can turn into mistrust or a quiet determination to prove a point.

Consider the splitting of a restaurant bill. When ten friends split a bill evenly, some will have eaten less or ordered modestly. Many still pay their share, but a few quietly feel that the split was unfair. Repeated often enough, that feeling hardens into resentment. Family enterprises replicate this dynamic at scale. By the time a formal transition arrives, perceptions may have already hardened.

Tools matter, but they are not the starting point

From a technical and structural perspective, cross-border families have many tools. We’re talking of holding structures to align assets with jurisdictions, vehicles to ring-fence wealth, agreements that separate management from control, and life insurance to create liquidity where most wealth is locked into operating businesses or property.

None of these can compensate for the absence of alignment. A structure designed to preserve capital will not satisfy heirs who believe the real objective should be independence. A governance charter will not resolve a decade of unspoken resentment about who carried the load. A cross-border life insurance policy can ease a liquidity crunch, but it cannot tell a family how to measure fairness.

The question that keeps the boat moving

After years of underperformance, a British rowing team adopted a simple filter before every decision: “Does this make the boat go faster?”

If the answer was yes, they did it. If the answer was no, they did not. Families need their own version of that question, while understanding that the specific answer may differ, but agreeing on one shared objective changes the conversation.

Once that principle is explicit, the role of advisors and structures becomes clearer. It’s important to remember that governance is designed to serve a purpose, not to compensate for the lack of one. Liquidity planning supports a chosen definition of fairness instead of trying to replace it, and cross-border complexity becomes a problem of implementation rather than identity.

The post Succession breaks where silence lives appeared first on International Finance.

In the coming days, as the US Treasury Department’s sanctions start taking their full financial toll on the Russia’s largest oil companies, Rosneft and Lukoil, which together account for around 3 million barrels per day (nearly half of the country’s seaborne oil exports), all eyes will be on Moscow’s next moves, which till now managed to keep its war machine going by rerouting much of its crude through a “shadow fleet,” non-Western insurance, and non-dollar payment systems. However, buyers will face growing compliance risks under the latest American sanctions.

Talking about sanctions, whenever the word comes into our mind, we immediately think about the economic warfare mechanism, which starves aggressor nations of the revenue needed to finance conflict and oppression.

What was celebrated by Western capitals as an essential and powerful instrument of statecraft has recently been revealed to be nearly ineffective. The ongoing conflict in Ukraine has demonstrated that, beyond a poorly enforced system of voluntary compliance, sanctions are merely a hollow facade built on geopolitical self-deception.

The brutal reality is that while diplomats issued stern warnings and legislators passed sweeping restrictions, the essential infrastructure of Western finance, specifically the shadowy world of maritime insurance, actively functioned to undermine those very sanctions for the sake of profit, ensuring that billions of dollars continued to flow unimpeded into the coffers of Moscow and Tehran.

As per veteran Reuters journalist Paul Carsten, this shocking failure of oversight centres on a single, unassuming company, Maritime Mutual (MMIA), an insurer based in a peripheral jurisdiction, New Zealand, which became the indispensable white-collar architect of the shadow fleet, providing the critical license to operate for the world’s most illicit energy cargoes.

“The profound paradox at the heart of this scandal lies in its geography, a quiet insurance firm operating from a nondescript Auckland office, led by 75-year-old Briton Paul Rankin and his family, somehow managed to inject unprecedented instability into global security. This small, seemingly isolated entity emerged as a crucial nexus, a “major power player” in the illicit global oil market, confirming that sanctions evasion is not managed from the dusty corners of pariah states but is facilitated by sophisticated financial mechanisms rooted deeply within democratic, sanction-compliant nations,” Carsten remarked.

Maritime Mutual provided essential protection and indemnity (P&I) coverage, the non-profit mutual insurance for third-party liabilities required by all major ports and trading partners worldwide, a form of cover that is necessary for any ship to go to sea, including the vessels making up the so-called shadow fleet.

Without valid P&I insurance, these tankers, which rely on false documentation and opaque ownership structures to conceal their identities and cargoes, would be instantly barred from international waters and ports, rendering the entire illicit operation financially and physically impossible. Maritime Mutual facilitated this trade and provided the very lifeblood necessary for this massive, systematic evasion to survive and thrive.

The financial scale of this betrayal is devastating, serving as irrefutable proof of a catastrophic lapse in both corporate responsibility and regulatory enforcement, figures that cannot be sanitised or dismissed as minor compliance hiccups.

Since 2018, vessels insured by Maritime Mutual have been identified carrying oil and petroleum products valued at least $18.2 billion from Iran and a staggering $16.7 billion from Russia, a combined trade flow totalling nearly $35 billion, capital that has directly financed the geopolitical objectives and the military machines of both regimes.

“To grasp the depth of MMIA’s involvement, one must look at its market saturation in the illicit sector. Investigations found that this single New Zealand insurer covered nearly one-sixth of all sanctioned shadow fleet tankers globally, confirming its role not as a marginal participant but as a deliberate and systemic enabler of sanctions evasion on a grand scale,” Carsten noted.

Specific voyages highlight the calculated nature of this business, confirming that this was not a case of isolated oversight but continuous, high-volume trade. Reports detailed one tanker, the Yug, departing the Chinese port of Qingdao after offloading sanctioned Iranian oil around Christmas, another vessel ferrying Russian crude through treacherous Arctic waters on its way to India, and yet a third offloading Iranian oil off the coast of Malaysia, all sharing that defining, necessary link, insurance provided by Maritime Mutual.

The calculated exploitation of New Zealand’s relative obscurity by a British-led entity strongly suggests a deliberate strategy of regulatory arbitrage, choosing a smaller, less scrutinised jurisdiction to conduct high-risk, geopolitical business precisely because the scrutiny applied to financial centres like London, New York, or Frankfurt is immediate and intense.

The sheer volume of the trade, $35 billion worth of risk being underwritten by a firm in a market the size of New Zealand, indicates that MMIA’s jurisdictional choice was a strategic attempt to find regulatory refuge while profiting immensely from the demand for P&I coverage in the non-compliant energy sector.

The fundamental question that must be asked is how the financial gatekeepers, those who provide the necessary capital and risk protection, were permitted to leave this critical choke point in the global sanctions framework so brazenly open for profit.

Unmasking the loophole

The exposure of Maritime Mutual’s role quickly escalates the argument beyond a case of regional mismanagement, revealing an indictment of the entire global risk-transfer mechanism, proving that sanctions evasion was enabled and effectively subsidised by the world’s most elite financial institutions.

Maritime Mutual based its claim to legitimacy on its structure, operating like an International Group P&I Club where risk is shared amongst members, a model that historically affords a degree of regulatory comfort.

“Yet, crucially, MMIA simultaneously relied on external credibility, stating that its security was backed by a quality reinsurance programme provided by specialist Lloyd’s Syndicates and highly rated London Market insurance companies, meaning MMIA was never operating in isolation; its risk was validated and ultimately underwritten by the core of global finance. This is the heart of the scandal, the mechanism that allowed illicit liabilities to be absorbed and legitimised by the wider financial system,” Carsten said.

The evidence of this institutional complicity is quantitative and cannot be refuted by claims of accident or oversight, demonstrating a systematic failure of due diligence among the major global players.

Of the 231 vessels Maritime Mutual insured between 2018 and the time of the investigation, at least 130 were found to have transported sanctioned Iranian or Russian oil, with 97 of those tankers later being formally added to sanctions lists imposed by the United States, the European Union, or the United Kingdom.
This trajectory confirms that MMIA’s risk pool was actively providing coverage to ships that were either currently or imminently violating international sanctions, essentially providing a financial guarantee for criminal activity.

This investigation is a devastating exposure of the entire reinsurance market, which provided the ultimate financial architecture necessary for the shadow fleet to achieve global operability.

The list of those allegedly backing Maritime Mutual’s risk pool includes the titans of the reinsurance market, companies that profess adherence to the most rigorous global compliance standards, but whose financial machinery enabled this vast evasion. Specifically, this includes Germany’s Munich Re Group, one of the largest reinsurers in the world, its German counterpart Hannover Re, and significant British insurance firms like MS Amlin and Atrium.

These giants were receiving premiums derived directly from the illicit transport of sanctioned oil, meaning their profit motive tragically corrupted the fundamental need for stringent due diligence, suggesting a systemic failure of Know Your Customer (KYC) and Anti-Money Laundering (AML) obligations at the absolute highest level of global risk management.

Furthermore, the sophisticated nature of this operation required the engagement of professional intermediaries, major British-American and American brokerage firms such as Aon and Lockton, which acted as key facilitators, placing the high-risk MMIA coverage with global reinsurers.

This involvement directly links the failure back to the powerful compliance jurisdictions of London and the US, demonstrating that major market players, those expected to maintain the highest standards of financial integrity, provided the brokerage bridge that connected the peripheral New Zealand operation to the world’s capital markets.

Entities like Atrium and Aon confirmed their working relationships with Maritime Mutual, solidifying the chain of financial complicity and confirming that the world’s sophisticated markets deliberately provided the vital capital necessary for the shadow fleet to operate globally.

The inherent complexity of the P&I mutual structure, combined with outsourced management often seen in non-International Group clubs, is revealed here as an intentional feature that facilitates compliance failure because it creates significant opacity and distance.

When the processes of management and ownership are separated, and risk is mutualised, accountability is diluted, making it easier for risk pools to accept dubious clients while the sophisticated reinsurers who provide security maintain plausible deniability regarding day-to-day underwriting decisions.

The brokers, Aon and Lockton, while connecting the insurer to the reinsurers, must also face scrutiny for their due diligence failures, which allowed these high-risk placements to proceed unchecked across global financial markets.

The financial integrity demanded by regulatory bodies around the world rests on the premise that these institutions act as responsible gatekeepers, yet the exposure of the MMIA network proves that this gatekeeping function was abandoned when faced with the lure of billions of dollars in premium revenue.

The shadow fleet marches on

The systemic failure laid bare by the Maritime Mutual scandal is ultimately a failure of state-level policy and regulation, where geopolitical strategy was fatally undermined by bureaucratic negligence and corporate complacency, demonstrating how regulatory divergence creates the exact operational cracks needed by sophisticated evasion networks.

The global sanctions landscape has been defined by both close coordination among the US, UK, and EU, and significant policy divergence, a combination that makes it exceedingly difficult for companies to navigate overlapping and sometimes contradictory rules, often leading to the selection of the most profitable, yet least compliant, path.

Tellingly, the EU and UK have continually prioritised new measures against Russian entities following the invasion of Ukraine, while the US, through the Office of Foreign Assets Control (OFAC), has simultaneously intensified its focus on enforcing restrictions against Iranian oil exports.

MMIA, with its global insurance reach, successfully facilitated trade for both regimes, deftly exploiting the enforcement capacity limitations and the inherent complexity of navigating multiple, jurisdiction-specific sanctions lists.

For years, experts have demanded deeper, enhanced upstream due diligence across complex supply chains and counterparties to detect concealed links to sanctioned entities, but the scale of the MMIA scandal proves that financial institutions either consciously disregarded these critical warnings or intentionally failed to resource their compliance departments adequately. The consequences of this structural negligence are evident in the sheer amount of sanctioned oil moved and the operational freedom granted to the shadow fleet.

The regulatory response has been characterised by a tragic lack of foresight, a reactive posture where regulators consistently play catch-up with criminals and evaders, allowing billions in revenue to leak through the system before corrective measures are finally instituted.

It took until April 2025 for the US Treasury’s OFAC to issue a new, decisive maritime sanctions advisory that explicitly broadened the enforcement net beyond simple vessel owners and operators to include the crucial enablers, such as insurers, financial institutions, and brokers.

“This official acknowledgement, while necessary, confirms that the regulatory framework was structurally inadequate for years, failing to recognise that the financial guarantee provided by P&I insurance was the most critical choke point available for enforcing maritime sanctions,” Carsten observed.

The Trump administration’s ongoing intensification of sanctions against Iran, targeting over 50 individuals and entities, as well as nearly two dozen shadow fleet vessels, represents a desperate attempt to undermine Iran’s cash flow. This essential effort has been repeatedly undermined by systemic failures, such as those exemplified by Maritime Mutual.

The disturbing reality that a small insurer based in New Zealand could become a linchpin in global geopolitical conflicts exposes a profound structural blindness where regulatory attention is disproportionately fixed on traditional financial centres, allowing vital ancillary services like P&I to operate with effective impunity from peripheral jurisdictions.

When faced with international scrutiny involving New Zealand, the US, the UK, and Australia, Maritime Mutual executed a textbook corporate manoeuvre of evasion, denying any wrongdoing and maintaining that it held a “zero-tolerance policy” on sanctions breaches.

However, the firm’s subsequent actions are a far more truthful commentary on its operations than its public relations statements, because MMIA was quickly forced to announce that it would cease insuring vessels identified as part of the shadow fleet and those carrying Russian oil.

This strategic retreat is an admission of guilt disguised as prudent business practice, yet their justification for this change is perhaps the most revealing indictment of all, citing the “disproportionate compliance burden” as their reason for withdrawal.

This claim is a contemptible justification. For a sophisticated financial firm, the burden of compliance is the mandatory cost of legally operating in a complex global market. It is not an excuse for actively facilitating $35 billion in illicit trade, proving definitively that profit motives superseded every ethical, legal, and geopolitical obligation required of them.

The fact that the burden only became “disproportionate” after the investigation shone a light on their activities strongly suggests that operating outside the law was vastly more profitable than operating within it, a perverse economic signal sent by weak regulatory oversight that persisted for years.

Adding further context to this regulatory environment, New Zealand itself has struggled with significant systemic weaknesses within its financial sector, illustrated by the recent $19.5 million penalty imposed on IAG New Zealand Limited for widespread historical system failures, miscalculations, and false representations.

This pattern of regulatory lapse and underinvestment in core compliance infrastructure within the jurisdiction suggests a local regulatory environment uniquely vulnerable to large-scale, sophisticated compliance failures, a vulnerability that shrewd global players like the British-led MMIA were clearly ready and able to exploit. The success of the shadow fleet, fuelled by MMIA’s insurance, injects continuous and significant volatility into the global oil market, undermining price stability and energy security globally.

The untraceable flow of billions of dollars of discounted, illicit oil complicates efforts to predict supply and demand, distorting accurate financial forecasting and forcing established, legitimate corporate entities, such as Lukoil, to rapidly restructure or sell assets due to constrained operations. The cost of this structural failure is borne by governments as well as every legitimate oil and gas company striving for transparent and predictable market conditions.

Finding the corrective measures

The exposure of Maritime Mutual’s central role in the shadow fleet is far more than an isolated case of insurance fraud; it stands as a damning, global symbol of Western financial hypocrisy, proving that the pursuit of short-term profits routinely triumphs over the collective security and the stated foreign policy goals of democratic nations.

This failure represented a profound moral dereliction of duty, perpetrated not just by the directors in the unassuming Auckland office but by the sophisticated brokers in London and New York, and the senior executives at the powerful reinsurance giants in Germany, all of whom accepted revenue derived directly from state-sponsored tyranny and global instability.

Every sanctioned ship insured by MMIA, every billion dollars of oil moved, translates directly into tangible, operational support for war, human rights abuses, and geopolitical destabilisation, confirming that this is a financial transaction with undeniable human consequences that can never be dismissed as a simple administrative oversight.

The final denial of wrongdoing, the insistence on rigorous standards immediately followed by the admission that monitoring those standards was too commercially burdensome, constitutes an act of evasion, not accountability, demanding a punitive response that far exceeds the cost of a routine regulatory fine.

To prevent the recurrence of this catastrophic structural failure, regulatory bodies must cease their perpetual game of catch-up and immediately implement an integrated, mandatory, and non-negotiable compliance system that directly links P&I coverage to rigorous, real-time sanctions compliance checks across all jurisdictions.

This system must be global in scope, ensuring there are no regulatory safe havens left for arbitrage. Crucially, there must be direct and punitive action taken against the major global reinsurers Munich Re Group, Hannover Re, the Lloyd’s syndicates, and others that provided the ultimate security and legitimacy for MMIA’s illicit risk pool, because their fundamental failure of due diligence enabled the entire $35 billion scheme to function. These institutions profited from the corruption of the sanctions regime, and they must now bear the cost of the structural cleanup.

The P&I mutual structure, a model intended for shared protection, has been demonstrably corrupted into an instrument of systemic risk and sanctions evasion, requiring an immediate and radical overhaul of its oversight, potentially placing all non-International Group P&I clubs under mandatory, intensified scrutiny from powerful regulators like OFAC and the UK’s OFSI.

Furthermore, the regulators in New Zealand, including the FMA, must conclusively prove their capacity and willingness to regulate sophisticated global players operating on their soil, demonstrating that their jurisdiction will not continue to serve as a convenient and under-policed base for global financial arbitrage.

Until the true enablers are subjected to the same ruthless enforcement pressure and sanctions as the vessels themselves, economic sanctions will remain nothing more than political theatre, an ineffective tool ensuring that financial integrity remains the most profound lie at the heart of global trade.

The post Inside the hidden engine of sanctions appeared first on International Finance.

Realising the challenge, Chubb Life Thailand, which places its customers at the heart of everything in its operations, has now committed itself to developing innovative products and services that meet the needs of Thai citizens at every stage of life.

“We have designed our critical illness insurance products ‘CI Extra Plus 90/10’ and ‘CI Extra Plus 90/20′, which provide comprehensive lifetime coverage for both life and critical illness to address customers’ needs for long-term protection planning and financial security for themselves and their families,” the company told International Finance.

The “CI Extra Plus” product, uniquely tailored to address diverse consumer needs, segments the market into three distinct groups: Working Adults (individuals who seek to plan and secure life insurance and critical illness coverage for themselves and their families), Parents/Guardians (individuals who wish to establish life insurance and critical illness protection to secure their children’s future), and Individuals Concerned About Critical Illness (people seeking a lump sum payment of money to prepare for future uncertainties).

CI Extra Plus offers long-term coverage for life and critical illnesses until age 90. The product also covers 65 critical illnesses, including five diseases for Critical Illness Group 1 (as declared by the Office of Insurance Commission), 45 diseases for Critical Illness Group 2, and 15 juvenile diseases.

“When diagnosed with a disease in Critical Illness Group 1, customers receive a 25% payout of the initial sum assured and can claim up to four times. If a significant illness is identified in Critical Illness Group 2, customers will receive a one-time payment of up to 100% of the initial sum insured and will no longer need to pay premiums, while still enjoying ongoing coverage,” Chubb Life Thailand noted.

Medical treatment expenses for Group 2 diseases are covered, and those who maintain their insurance throughout the contract period receive an additional payout of 10% of the initial sum. The premium remains the same throughout this period. Customers can also select their premium payment period, with options of either 10 years or 20 years. In terms of covering critical illnesses affecting juveniles, CI Extra Plus provides a special lump sum of 100% for the diagnosis of these diseases between the ages of 31 days and 15 years.

“The maximum coverage is up to 115% of the initial sum assured, while in cases of critical illnesses found in juveniles, this can increase up to 215% of the initial sum assured,” the company added.

To vividly promote and communicate the transformative aspects of CI Extra Plus, Chubb Life Thailand chose popular actor Chaiyapol Julian Poupart and his family. His portrayal of the story about protecting loved ones created an authentic advertising campaign that reflected the brand’s deep understanding of modern consumers, who value health security and family care. The warm and relatable presence of Chaiyapol Julian Poupart added credibility and created an emotional connection between Chubb Life Thailand and its customers.

“The campaign strategically emphasises the importance of insurance while instilling a sense of ‘need’ by comparing life to the familiar game of Monopoly. This clever analogy drives home the point that in real life, there is no ‘Get Out of Jail Free Card’ to escape the challenges of a critical illness without cost. Instead, ‘CI Extra Plus’ serves as an essential tool that enables you and your family to move forward confidently, reducing financial burdens and offering peace of mind at every stage of life,” Chubb Life Thailand asserted.

Ultimately, by truly understanding consumer needs, Chubb Life Thailand has successfully proven that a “great idea” can evolve into a product that allows Thais to plan long-term protection against life’s uncertainties, serving as a financial shield for themselves and their loved ones.

The post Chubb Life Thailand targets youth health risks with new cover appeared first on International Finance.