<PAGE>

                                                                     EXHIBIT 4.2

                      [Form of 3.75% Senior Notes due 2008]

      THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
      HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
      NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES
      REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS
      NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND
      NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A
      WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF
      THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY
      BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

      UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
      DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE
      ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
      NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE
      OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE
      THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
<PAGE>
No. E-1

                                                           CUSIP No. 89420G AG 4

                                                           ISIN No. US89420GAG47

                        TRAVELERS PROPERTY CASUALTY CORP.

                           3.75% SENIOR NOTES DUE 2008

            TRAVELERS PROPERTY CASUALTY CORP., a Connecticut corporation (the
"Company", which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede &
Co., or registered assigns, the principal sum of [ ] DOLLARS ($[ ]) on March 15,
2008, and to pay interest on said principal sum from March 11, 2003, or from the
most recent interest payment date (each such date, an "Interest Payment Date")
to which interest has been paid or duly provided for, semi-annually in arrears
on March 15 and September 15 of each year commencing September 15, 2003, at a
rate of 3.75% per annum, until the principal hereof shall have become due and
payable, and on any overdue principal and premium, if any, and (without
duplication and to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest at the same rate per
annum compounded semi-annually. The amount of interest payable on any Interest
Payment Date shall be computed on the basis of a 360-day year of twelve 30-day
months. In the event that any date on which interest is payable on this Security
is not a Business Day, then payment of interest payable on such date will be
made on the next succeeding day that is a Business Day (and without any interest
or other payment in respect of any such delay), except that, if such Business
Day is in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day, in each case with the same force and effect
as if made on such date. The interest installment so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities, as defined in said Indenture) is registered at the close
of business on the regular record date for such interest installment, which
shall be the close of business on March 1 or September 1 immediately preceding
such Interest Payment Date. Any such interest installment not punctually paid or
duly provided for shall forthwith cease to be payable to the registered Holders
on such regular record date and may be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on a special record date to be fixed by the Trustee for the payment of
such defaulted interest, notice whereof shall be given to the registered Holders
of this series of Securities not less than 10 days prior to such special record
date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities may be
listed, and upon such notice as may be required by such exchange, all as more
fully provided in the Indenture. Payments on this Global Security will be made
in immediately available funds. If pursuant to the provisions of the Indenture
the Securities are no longer represented by a Global Security, the principal of
(and premium, if any) and the interest on this Security shall be payable at the
office or agency of the Trustee maintained for that purpose in any coin or
currency of the United States of America that at the time of payment is legal
tender for payment of public and private debts; provided, however, that payment
of interest may be made at the option of the Company by check mailed to
<PAGE>
                                                                               2

the registered Holder at such address as shall appear in the Security Register
or by wire transfer in immediately available funds if appropriate wire transfer
instructions have been received in writing by the Trustee not less than 15 days
prior to the applicable Interest Payment Date. Such wire instructions, upon
receipt by the Trustee, shall remain in effect until revoked by such Holder.

            This Security shall not be entitled to any benefit under the
Indenture hereinafter referred to, be valid or become obligatory for any purpose
until the Certificate of Authentication hereon shall have been signed by or on
behalf of the Trustee.

            The provisions of this Security are continued on the reverse side
hereof and such continued provisions shall for all purposes have the same effect
as though fully set forth at this place.

                           [Signature page to follow]
<PAGE>
            IN WITNESS WHEREOF, the Company has caused this instrument to be
executed.


Dated:

                                    TRAVELERS PROPERTY CASUALTY CORP.


                                    By:
                                        ---------------------------------------
                                        Name: Jay S. Benet
                                        Title: Chief Financial Officer



                          CERTIFICATE OF AUTHENTICATION

            This is one of the Securities of the series of Securities described
in the within-mentioned Indenture.

Citibank, N.A.,
  as Trustee

By:
    -------------------------------
    Authorized Signatory

Dated:
<PAGE>
            This Security is one of a duly authorized series of securities of
the Company (herein sometimes referred to as the "Securities"), specified in the
Indenture, all issued or to be issued in one or more series under and pursuant
to an Indenture dated as of March 11, 2003 (the "Indenture"), duly executed and
delivered between the Company and Citibank, N.A., as Trustee (the "Trustee"), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a description of the respective rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company and the Holders of
the Securities. By the terms of the Indenture, the Securities are issuable in
series that may vary as to amount, date of maturity, rate of interest and in
other respects as provided in the Indenture. This series of Securities is not
limited in aggregate principal amount. The terms of this Security include those
stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939, as amended. The Indenture provides that Securities
of a single series may be issued at various times. Holders of the Securities are
entitled to the benefits of the Registration Rights Agreement, dated as of March
11, 2003 (the "Registration Rights Agreement"), between the Company and the
initial purchasers named therein. The Securities and any related Exchange
Securities shall vote and consent together on all matters as one class, and no
such securities shall have the right to vote or consent as a separate class.

            The Securities may be redeemed in whole at any time or in part from
time to time, at the Company's option, at a redemption price (the "Optional
Redemption Price") equal to the greater of (1) 100% of the principal amount of
the Securities to be redeemed and (2) the sum of the present values of the
remaining scheduled payments of principal and interest on the Securities
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the applicable Treasury Rate plus 20
basis points for the Securities, plus, accrued and unpaid interest on the
principal amount being redeemed to the Redemption Date.

            Any redemption pursuant to this paragraph will be made upon not less
than 30 days' nor more than 60 days' notice of the Redemption Date at the
Redemption Price. If the Securities are only partially redeemed by the Company
pursuant to a redemption, the Securities will be redeemed pro rata or by lot or
by any other method utilized by the Trustee, provided that if, at the time of
redemption, the Securities are registered as a Global Security, the Depositary
shall determine the principal amount of such Securities held by each Security
Beneficial Owner to be redeemed in accordance with its procedures.

             "Treasury Rate" means, with respect to any Redemption Date, (1) the
yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated "H.15(519)" or any successor publication which is published weekly by
the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption "Treasury Constant Maturities," for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three
months before or after the Remaining Life, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue will be
determined and the Treasury Rate will be interpolated or extrapolated from such
yields on a straight line basis, rounding to the nearest month) or (2) if such
release (or any successor release) is not published during the week preceding
the calculation date or does not contain such yields, the rate per annum equal
to the semi-annual equivalent yield-to-maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable
<PAGE>
                                                                               2


Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. The Treasury Rate will be
calculated on the third Business Day preceding the Redemption Date.

            "Business Day" means any calendar day that is not a Saturday, Sunday
or legal holiday in New York, New York and on which commercial banks are open
for business in New York, New York.

            "Comparable Treasury Issue" means the United States Treasury
security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term ("Remaining Life") of the Securities to be
redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities
of comparable maturity to the remaining term of the applicable series of
Securities.

            "Comparable Treasury Price" means (1) the average of five Reference
Treasury Dealer Quotations for such Redemption Date, after excluding the highest
and lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations.

            "Independent Investment Banker" means either Lehman Brothers Inc. or
Salomon Smith Barney Inc., and their respective successors, or, if both firms
are unwilling or unable to select the Comparable Treasury issue, an independent
investment banking institution of national standing appointed by the trustee
after consultation with the Company.

            "Reference Treasury Dealer means (1) Lehman Brothers Inc. or Salomon
Smith Barney Inc., and their respective successors; provided, however, that if
any of the foregoing shall cease to be a primary U.S. Government securities
dealer in New York City (a "Primary Treasury Dealer"), the Company will
substitute for such initial purchasers another Primary Treasury Dealer and (2)
any other Primary Treasury Dealer selected by the Independent Investment Banker
after consultation with us.

            "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Independent Investment Banker, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Independent Investment Banker at 5:00
p.m., New York City time, on the third Business Day preceding such Redemption
Date.

            Unless the Company defaults in the payment of the Optional
Redemption Price, on and after the Redemption Date, interest shall cease to
accrue on the Securities, or portions thereof called for redemption.

            In the event of redemption of this Security in part only, a new
Security or Securities of this series for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.

            In case an Event of Default, as defined in the Indenture, shall have
occurred and be continuing, the principal of all of the Securities may be
declared, and upon such declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions provided in the Indenture.
<PAGE>
                                                                               3


            The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the Holders of not less than a majority in
aggregate principal amount of the Securities of each series affected at the time
outstanding, as defined in the Indenture, to execute supplemental indentures for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of the Indenture or of any supplemental indenture or of
modifying in any manner the rights of the Holders of the Securities; provided,
however, that no such supplemental indenture shall, without the consent of
Holders of each Security then outstanding and affected thereby: change the fixed
maturity of any Securities of any series, or reduce the principal amount
thereof, reduce the rate or change the time or place of payment of interest
thereon; reduce any premium payable upon the redemption thereof or change the
time at which such Security may or must be redeemed or purchased; change the
money in which such Security is payable; waive a default or Event of Default in
the payment of principal of or premium, if any, or interest on the Securities
(except a rescission of acceleration of the Securities by the holders of at
least a majority in aggregate principal amount of the Securities and a waiver of
the payment default that resulted from such acceleration); make any change in
the provisions of the Indenture relating to waivers of past defaults or the
rights of Holders to receive payments of principal of, premium, if any, or
interest on any of the Securities; make any change in the ability of the Holders
to enforce their rights under the Indenture; or reduce the aforesaid percentage
of Securities, the Holders of which are required to consent to any such
supplemental indenture.

            The Indenture also contains provisions permitting the Holders of a
majority in aggregate principal amount of the Securities of any series at the
time outstanding affected thereby, on behalf of all of the Holders of the
Securities of such series, to waive any past default in the performance of any
of the covenants contained in the Indenture, or established pursuant to the
Indenture with respect to such series, and its consequences, except a default in
the payment of the principal of or premium, if any, or interest on any of the
Securities of such series. Any such consent or waiver by the registered Holder
of this Security (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future Holders and owners
of this Security and of any Security issued in exchange herefor or in place
hereof (whether by registration of transfer or otherwise), irrespective of
whether or not any notation of such consent or waiver is made upon this
Security.

            No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and
premium, if any, and interest on this Security at the time and place and at the
rate and in the money herein prescribed.

            As provided in the Indenture and subject to certain limitations
therein set forth, this Security is transferable or exchangeable by the
registered Holder hereof on the Security Register of the Company, upon surrender
of this Security for registration of transfer or exchange at the office or
agency of the Trustee in the City and State of New York accompanied by a written
instrument or instruments of transfer in form satisfactory to the Company or the
Trustee duly executed by the registered Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of authorized
denominations and for the same aggregate principal amount and series will be
issued to the designated transferee or transferees. No service charge will be
made for any such transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in relation
thereto.
<PAGE>
                                                                               4


            Prior to due presentment for registration of transfer or exchange of
this Security, the Company, the Trustee, any paying agent and the Security
Registrar may deem and treat the registered Holder hereof as the absolute owner
hereof (whether or not this Security shall be overdue and notwithstanding any
notice of ownership or writing hereon made by anyone other than the Security
Registrar) for the purpose of receiving payment of or on account of the
principal hereof and premium, if any, and interest due hereon and for all other
purposes, and neither the Company nor the Trustee nor any paying agent nor any
Security Registrar shall be affected by any notice to the contrary.

            No recourse shall be had for the payment of the principal of or any
premium or the interest on this Security, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture, against
any incorporator, stockholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly
waived and released.

            This Global Security is exchangeable for Securities in definitive
form only under certain limited circumstances set forth in the Indenture.
Securities of this series so issued are issuable only in registered form without
coupons in denominations of $1,000 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations herein and therein
set forth, Securities of this series so issued are exchangeable for a like
aggregate principal amount of Securities of this series of a different
authorized denomination, as requested by the Holder surrendering the same.

            Certain of the Company's obligations under the Indenture with
respect to Securities may be terminated if the Company irrevocably deposits with
the Trustee money sufficient to pay and discharge the entire indebtedness on al
Securities, as provided in the Indenture.

            The Indenture and the Securities shall be governed by and construed
in accordance with the laws of the State of New York.

            All terms used in this Security that are defined in the Indenture
shall have the meanings assigned to them in the Indenture.
<PAGE>
                                 ASSIGNMENT FORM

            To assign this Security, fill in the form below:

            I or we assign and transfer this Security to

                 ----------------------------------------------
              (Print or type assignee's name, address and zip code)

                   ------------------------------------------
                  (Insert assignee's soc. sec. or tax I.D. No.)

      and irrevocably appoint ___________ agent to transfer this Security on the
      books of the Company. The agent may substitute another to act for him.

Date:                                     Your Signature:
     --------------------                                ----------------------

Signature Guarantee:
                    -----------------------------------------------------------
                         (Signature must be guaranteed)

------------------------------------------------------------------------------
Sign exactly as your name appears on the other side of this Security.

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.
<PAGE>
              SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

   The initial principal amount of this Global Security is $[ ]. The following
increases or decreases in this Global Security have been made:

<TABLE>
<CAPTION>
                 Amount of         Amount of
                decrease in      increases in       Principal Amount of
                 Principal     Principal Amount    this Global Security         Signature of
                 Amount of            of              following such       authorized officer of
  Date of       This Global       this Global          decrease (or              Trustee or
 Exchange        Security         Security              increase)               Depositary
<S>             <C>            <C>                 <C>                     <C>


============
</TABLE>