Exhibit 99.4


                                     CONSENT
                                       OF
               MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

We hereby consent to the use of our opinion letter dated November 16, 2003 to
the Board of Directors of The St. Paul Companies, Inc. ("St. Paul") included as
Appendix F to the Proxy Statement/Prospectus which forms a part of the initially
filed Registration Statement on Form S-4 relating to the proposed merger of
Travelers Property Casualty Corp. with and into Adams Acquisition Corp., a
wholly owned subsidiary of St. Paul and to the references to such opinion in
such Proxy Statement/Prospectus 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." In giving such
consent, we do not admit that we come within the category of persons whose
consent is required under Section 7 of the Securities Act of 1933, as amended,
or the rules and regulations of the Securities and Exchange Commission
thereunder, nor do we thereby admit that we are experts with respect to any part
of such Registration Statement within the meaning of the term "experts" as used
in the Securities Act of 1933, as amended, or the rules and regulations of the
Securities and Exchange Commission thereunder.

                                           MERRILL LYNCH, PIERCE, FENNER & SMITH
                                                        INCORPORATED


                                           By: /s/ Merrill Lynch, Pierce, Fenner
                                                      & Smith Incorporated
                                               ---------------------------------



December 9, 2003