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 Amendment No.
1 to the Registration Statement on Form S-4 (File No. 333-111072) 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




February 11, 2004