Exhibit 4.8
Translation dated October 22, 2003
Non-binding English translation from the German original
Only the German version is legally binding
CANCELLATION AGREEMENT WITH RESPECT TO THE
PRINCIPLES OF COOPERATION OF MAY 2000
between
ALLIANZ AKTIENGESELLSCHAFT, MUNICH,
referred to in the following as ALLIANZ,
and
MUNCHENER RUCKVERSICHERUNGS-GESELLSCHAFT
AKTIENGESELLSCHAFT IN MUNCHEN, MUNICH
referred to in the following as MUNICH RE
1. TERMINATION OF PRINCIPLES OF COOPERATION OF MAY 2000
Munich Re and Allianz agree to cancel the Principles of Cooperation of May 2000
with effect for the end of the year 2003. All obligations resulting from the
Principles of Cooperation shall be cancelled, including in particular such
obligations that are prescribed therein as consequence of termination of the
Principles of Cooperation.
Other existing agreements, namely individual reinsurance contracts as well as
the agreement regarding quotas of December 2001 in the currently valid form are
not affected by this cancellation agreement.
2. CONCLUDING REMARK
If particular provisions of this agreement are invalid, the validity of the
remaining provisions of this agreement shall not be affected thereby.
In such a case, the invalid provision shall be reinterpreted or supplemented in
order to obtain the intended economic purpose in a legally permissible way.
3. ARBITRATION TRIBUNAL
All disagreements resulting from this Agreement shall be adjudicated by an
arbitration tribunal in accordance with the separate arbitration agreement
entered into between Allianz and Munich Re in May 2000.
Munich, October 2003
Allianz Aktiengesellschaft Munchener Ruckversicherungs-Gesellschaft
Aktiengesellschaft in Munchen
signature signature
Xxxxxxxx Xxxxxxxx Schinzler Xxxx
