Exhibit 99.3

PERSONAL AND CONFIDENTIAL

December 9, 2003

Board of Directors
The St. Paul Companies, Inc.
385 Washington Street
St. Paul, MN 55102


Re:  Initially Filed Registration Statement on Form S-4 of The St. Paul
     Companies, Inc.

Ladies and Gentlemen:

Reference is made to our opinion letter, dated November 16, 2003, with respect
to the fairness from a financial point of view to The St. Paul Companies, Inc.
(the "Company") of the Exchange Ratio (as defined in the opinion letter)
pursuant to the Agreement and Plan of Merger, dated as of November 16, 2003,
among the Company, Adams Acquisition Corp., a wholly owned subsidiary of the
Company, and Travelers Property Casualty Corp.

The foregoing opinion letter is provided for the information and assistance of
the Board of Directors of the Company in connection with its consideration of
the transaction contemplated therein and is not to be used, circulated, quoted
or otherwise referred to for any other purpose, nor is it to be filed with,
included in or referred to in whole or in part in any registration statement,
proxy statement or any other document, except in accordance with our prior
written consent. We understand that the Company has determined to include our
opinion in the above-referenced Registration Statement.

In that regard, we hereby consent to the reference to our opinion under the
captions "Summary--Opinions of Financial Advisors--St. Paul's Financial
Advisors," "The Merger--Background of the Merger," "The Merger--St. Paul's
Reasons for the Merger; Recommendation of the St. Paul Board of
Directors--Opinions of Financial Advisors" and "Opinions of Financial
Advisors--Opinions of St. Paul's Financial Advisors--Goldman, Sachs & Co. and
Merrill Lynch, Pierce, Fenner & Smith Incorporated" and to the inclusion of the
foregoing opinion in the Proxy Statement/Prospectus included in the
above-mentioned Registration Statement. Notwithstanding the foregoing, it is
understood that our consent is being delivered solely in connection with the
filing of the above-mentioned version of the Registration Statement and that our
opinion is not to be used, circulated, quoted or otherwise referred to for any
other purpose,


Board of Directors
The St. Paul Companies, Inc.
December 9, 2003
Page Two

nor is it to be filed with, included in or referred to in whole or in part in
any registration statement (including any subsequent amendments to the
above-mentioned Registration Statement), proxy statement or any other document,
except in accordance with our prior written consent. In giving such consent, we
do not thereby admit that we come within the category of persons whose consent
is required under Section 7 of the Securities Act of 1933 or the rules and
regulations of the Securities and Exchange Commission thereunder.

Very truly yours,

/s/ Goldman, Sachs & Co.
-------------------------
   (Goldman, Sachs & Co.)