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                                                             Exhibit 4.9


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                      COMMON SECURITIES GUARANTEE AGREEMENT



                            ST. PAUL CAPITAL TRUST I




























                       DATED AS OF [          ] __, 2001




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                           TABLE OF CONTENTS


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                                                     ARTICLE I

                                          Definitions and Interpretation

<S>            <C>                                                                                  <C>
SECTION 1.1    Definitions and Interpretation.......................................................1
SECTION 1.2    Interpretation.......................................................................3

                                               ARTICLE II

                                                Guarantee

SECTION 2.1    Guarantee............................................................................3
SECTION 2.2    Waiver of Notice and Demand..........................................................3
SECTION 2.3    Obligations Not Affected.............................................................4
SECTION 2.4    Rights of Holders....................................................................5
SECTION 2.5    Guarantee of Payment.................................................................5
SECTION 2.6    Subrogation..........................................................................5
SECTION 2.7    Independent Obligations..............................................................5

                                               ARTICLE III

                                Limitation of Transactions; Subordination

SECTION 3.1    Limitation of Transactions...........................................................5
SECTION 3.2    Ranking..............................................................................6

                                               ARTICLE IV

                                               Termination

SECTION 4.1    Termination..........................................................................6

                                                ARTICLE V

                                              Miscellaneous

SECTION 5.1    Successors and Assigns...............................................................7
SECTION 5.2    Amendments...........................................................................7
SECTION 5.3    Notices..............................................................................7
SECTION 5.4    Benefit..............................................................................8
SECTION 5.5    Governing Law........................................................................8
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                      COMMON SECURITIES GUARANTEE AGREEMENT


            This GUARANTEE AGREEMENT (the "Common Securities Guarantee"), dated
as of [        ], 2001, is executed and delivered by The St. Paul Companies,
Inc., a Minnesota corporation (the "Guarantor"), for the benefit of the Holders
(as defined herein) from time to time of the Common Securities (as defined
herein) of St. Paul Capital Trust I, a Delaware business trust (the "Issuer").

            WHEREAS, pursuant to an Amended and Restated Declaration of Trust
(the "Declaration"), dated as of [______], 2001, among the Trustees of the
Issuer named therein, the Guarantor, as sponsor, and the holders from time to
time of undivided beneficial interests in the assets of the Issuer, the
Issuer is issuing on the date hereof [_________] common securities, having an
aggregate stated liquidation amount of $[_____________], designated the [___]%
Trust Common Securities (the "Common Securities");

            WHEREAS, as incentive for the Holders to purchase the Common
Securities, the Guarantor desires to irrevocably and unconditionally agree, to
the extent set forth in this Common Securities Guarantee, to pay to the Holders
of the Common Securities the Guarantee Payments (as defined herein) and to make
certain other payments on the terms and conditions set forth herein; and

            WHEREAS, the Guarantor is also executing and delivering a guarantee
agreement (the "Preferred Securities Guarantee") in substantially identical
terms to this Common Securities Guarantee for the benefit of the holders of the
Preferred Securities (as defined herein), except that if an Event of Default (as
defined in the Indenture), has occurred and is continuing, the rights of Holders
of the Common Securities to receive Guarantee Payments under this Common
Securities Guarantee are subordinated to the rights of holders of Preferred
Securities to receive Guarantee Payments under the Preferred Securities
Guarantee.

            NOW, THEREFORE, in consideration of the purchase by each Holder of
Common Securities, which purchase the Guarantor hereby acknowledges and agrees
shall benefit the Guarantor, the Guarantor executes and delivers this Common
Securities Guarantee for the benefit of the Holders.

                                    ARTICLE I

                         DEFINITIONS AND INTERPRETATION

SECTION 1.1 DEFINITIONS AND INTERPRETATION

      In this Common Securities Guarantee, unless the context otherwise
requires:

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            (a) Capitalized terms used in this Common Securities Guarantee but
      not defined in the preamble above have the respective meanings assigned to
      them in this Section 1.1;

            (b) terms defined in the Declaration as at the date of execution of
      this Common Securities Guarantee have the same meaning when used in this
      Common Securities Guarantee unless otherwise defined in this Common
      Securities Guarantee or unless otherwise required;

            (c)   a term defined anywhere in this Common Securities Guarantee
      has the same meaning throughout;

            (d) all references to "the Common Securities Guarantee" or "this
      Common Securities Guarantee" are to this Common Securities Guarantee as
      modified, supplemented or amended from time to time;

            (e) all references in this Common Securities Guarantee to Articles
      and Sections are to Articles and Sections of this Common Securities
      Guarantee unless otherwise specified; and

            (f)   a reference to the singular includes the plural and vice
      versa.

            "Debentures" mean the series of junior subordinated debt securities
of the Guarantor designated the ___% Junior Subordinated Deferrable Interest
Debentures due 2050 held by the Institutional Trustee of the Issuer.

            "Guarantee Payments" shall mean the following payments or
distributions, without duplication, with respect to the Common Securities, to
the extent not paid or made by the Issuer: (i) any accrued and unpaid
Distributions which are required to be paid on such Common Securities to the
extent the Issuer shall have funds available therefor, (ii) the redemption
price, including all accrued and unpaid Distributions to the date of redemption
(the "Redemption Price") to the extent the Issuer has funds available therefor,
with respect to any Common Securities called for redemption by the Issuer, and
(iii) upon a voluntary or involuntary dissolution, winding-up or termination of
the Issuer (other than in connection with the distribution of Debentures to the
Holders in exchange for Common Securities as provided in the Declaration), the
lesser of (a) the aggregate of the liquidation amount and all accrued and unpaid
Distributions on the Common Securities to the date of payment, to the extent the
Issuer has funds available therefor, and (b) the amount of assets of the Issuer
remaining available for distribution to Holders in liquidation of the Issuer (in
either case, the "Liquidation Distribution"). If an Event of Default (as defined
in the Indenture), has occurred and is continuing, the rights of Holders of the
Common Securities to receive Guarantee Payments under this Common Securities
Guarantee are subordinated to the rights of the holders of Preferred Securities
to receive guarantee payments under the Preferred Securities Guarantee.


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            "Holder" shall mean any holder, as registered on the books and
records of the Issuer, of any Common Securities.

            "Preferred Securities" mean the securities representing preferred
undivided beneficial interests in the assets of the Issuer.

SECTION 1.2 INTERPRETATION

            Each definition in this Guarantee Agreement includes the singular
and the plural, and references to the neuter gender include the masculine and
feminine where appropriate. Terms which relate to accounting matters shall be
interpreted in accordance with generally accepted accounting principles in
effect from time to time. All references to "the Guarantee Agreement" are to
this Guarantee Agreement as modified, supplemented or amended from time to time.
References to any statute mean such statute as amended at the time and include
any successor legislation. The word "or" is not exclusive, and the words
"herein," "hereof' and "hereunder" refer to this Guarantee Agreement as a whole.
The headings to the Articles and Sections are for convenience of reference and
shall not affect the meaning or interpretation of this Guarantee Agreement.
References to Articles and Sections mean the Articles and Sections of this
Guarantee Agreement unless otherwise specified.

                                   ARTICLE II

                                    GUARANTEE

SECTION 2.1 GUARANTEE

            The Guarantor irrevocably and unconditionally agrees to pay in full
to the Holders the Guarantee Payments, as and when due, regardless of any
defense, right of set-off or counterclaim which the Issuer may have or assert.
The Guarantor's obligation to make a Guarantee Payment may be satisfied by
direct payment of the required amounts by the Guarantor to the Holders or by
causing the Issuer to pay such amounts to the Holders.

SECTION 2.2 WAIVER OF NOTICE AND DEMAND

            The Guarantor hereby waives notice of acceptance of this Common
Securities Guarantee and of any liability to which it applies or may apply,
presentment, demand for payment, any right to require a proceeding first against
the Issuer or any other Person before proceeding against the Guarantor, protest,
notice of nonpayment, notice of dishonor, notice of redemption and all other
notices and demands.


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SECTION 2.3 OBLIGATIONS NOT AFFECTED

            The obligations, covenants, agreements and duties of the Guarantor
under this Common Securities Guarantee shall in no way be affected or impaired
by reason of the happening from time to time of any of the following:

            (a) the release or waiver, by operation of law or otherwise, of the
      performance or observance by the Issuer of any express or implied
      agreement, covenant, term or condition relating to the Common Securities
      to be performed or observed by the Issuer;

            (b) the extension of time for the payment by the Issuer of all or
      any portion of the Distributions, Redemption Price, Liquidation
      Distribution or any other sums payable under the terms of the Common
      Securities or the extension of time for the performance of any other
      obligation under, arising out of, or in connection with, the Common
      Securities (other than an extension of time for payment of Distributions,
      Redemption Price, Liquidation Distribution or other sum payable that
      results from the extension of any interest payment period on the
      Debentures as permitted by the Indenture);

            (c) any failure, omission, delay or lack of diligence on the part of
      the Holders to enforce, assert or exercise any right, privilege, power or
      remedy conferred on the Holders pursuant to the terms of the Common
      Securities, or any action on the part of the Issuer granting indulgence or
      extension of any kind;

            (d) the voluntary or involuntary liquidation, dissolution, sale of
      any collateral, receivership, insolvency, bankruptcy, assignment for the
      benefit of creditors, reorganization, arrangement, composition or
      readjustment of debt of, or other similar proceedings affecting, the
      Issuer or any of the assets of the Issuer;

            (e)   any invalidity of, or defect or deficiency in, the Common
      Securities;

            (f)   the settlement or compromise of any obligation guaranteed
      hereby or hereby incurred; or

            (g) any other circumstance whatsoever that might otherwise
      constitute a legal or equitable discharge or defense of a guarantor, it
      being the intent of this Section 2.3 that the obligations of the Guarantor
      hereunder shall be absolute and unconditional under any and all
      circumstances.

            There shall be no obligation of the Holders to give notice to, or
obtain consent of, the Guarantor with respect to the happening of any of the
foregoing.


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SECTION 2.4 RIGHTS OF HOLDERS

            The Guarantor expressly acknowledges that any Holder of Common
Securities may institute a legal proceeding directly against the Guarantor to
enforce its rights under this Common Securities Guarantee, without first
instituting a legal proceeding against the Issuer or any other Person.

SECTION 2.5 GUARANTEE OF PAYMENT

            This Common Securities Guarantee creates a guarantee of payment and
not of collection.

SECTION 2.6 SUBROGATION

            The Guarantor shall be subrogated to all (if any) rights of the
Holders of Common Securities against the Issuer in respect of any amounts paid
to such Holders by the Guarantor under this Common Securities Guarantee;
PROVIDED, HOWEVER, that the Guarantor shall not (except to the extent required
by mandatory provisions of law) be entitled to enforce or exercise any rights
which it may acquire by way of subrogation or any indemnity, reimbursement or
other agreement, in all cases as a result of payment under this Common
Securities Guarantee, if, at the time of any such payment, any amounts are due
and unpaid under this Common Securities Guarantee. If any amount shall be paid
to the Guarantor in violation of the preceding sentence, the Guarantor agrees to
hold such amount in trust for the Holders and to pay over such amount of the
Holders.

SECTION 2.7 INDEPENDENT OBLIGATIONS

            The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the Common
Securities and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Common
Securities Guarantee notwithstanding the occurrence of any event referred to in
subsections (a) through (g), inclusive, of Section 2.3 hereof.

                                   ARTICLE III

                  LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 3.1 LIMITATION OF TRANSACTIONS

            So long as any Common Securities remain outstanding, if there shall
have occurred any event that would constitute an Event of Default or an event of
default under the Declaration, then (a) the Guarantor shall not declare or pay
any dividend on, make any distributions with respect to, or redeem, purchase,
acquire or make a liquidation payment with respect to, any of its capital stock
(other than (i) repurchases, redemptions or other acquisitions of shares of
capital stock of the Guarantor in connection with any


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employment contract, benefit plan or other similar arrangement with or for the
benefit of employees, officers, directors or consultants, (ii) as a result of a
reclassification of the Guarantor's capital stock, or the exchange or conversion
of any class or series of the Guarantor's capital stock for any other class or
series of the Guarantor's capital stock, (iii) the purchase of fractional
interests in shares of the Guarantor's capital stock pursuant to the conversion
or exchange provisions of such capital stock or the security being converted or
exchanged, or (iv) distributions of rights under any shareholders rights plan
adopted by the Guarantor) or make any guarantee payment with respect thereto and
(b) the Guarantor shall not make any payment of interest on, or principal of (or
premium, if any, on), or repay, repurchase or redeem, any debt securities issued
by the Guarantor which rank PARI PASSU with or junior to the Debentures and the
Guarantor shall not make any guarantee payments with respect thereto (other than
pursuant to the Preferred Security Guarantee); PROVIDED, HOWEVER, the Guarantor
may declare and pay a stock dividend where the dividend stock is the same stock
as that on which the dividend is being paid.

SECTION 3.2 RANKING

            This Common Securities Guarantee will constitute an unsecured
obligation of the Guarantor and will rank (i) subordinate and junior in right of
payment to all Senior Indebtedness (as defined in the Indenture) of the
Guarantor, (ii) PARI PASSU with the most senior preferred or preference stock
now or hereafter issued by the Guarantor and with any guarantee now or hereafter
entered into by the Guarantor in respect of any preferred or preference stock of
any Affiliate of the Guarantor, and (iii) senior to the Guarantor's common
stock. If an Event of Default has occurred and is continuing under the
Declaration, the rights of the holders of the Common Securities to receive
Guarantee Payments under this Common Securities Guarantee shall be subordinated
to the rights of the holders of the Preferred Securities to receive payment of
all amounts due and owing under the terms of the Preferred Guarantee.

                                   ARTICLE IV

                                   TERMINATION

SECTION 4.1 TERMINATION

            This Common Securities Guarantee shall terminate upon full payment
of the Redemption Price of all Common Securities, upon the distribution of the
Debentures to the Holders of all of the Common Securities or upon full payment
of the amounts payable in accordance with the Declaration upon liquidation of
the Issuer. Notwithstanding the foregoing, this Common Securities Guarantee will
continue to be effective or will be reinstated, as the case may be, if at any
time any Holder of Common Securities must restore payment of any sums paid under
the Common Securities or under this Common Securities Guarantee.


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                                    ARTICLE V

                                  MISCELLANEOUS

SECTION 5.1 SUCCESSORS AND ASSIGNS

            All guarantees and agreements contained in this Common Securities
Guarantee shall bind the successors, assigns, receivers, trustees and
representatives of the Guarantor and shall inure to the benefit of the Holders
of the Common Securities then outstanding.

SECTION 5.2 AMENDMENTS

            Except with respect to any changes which do not adversely affect the
rights of Holders (in which case no consent of Holders will be required), this
Common Securities Guarantee may only be amended with the prior approval of the
Holders of at least a majority in liquidation amount of all the outstanding
Common Securities. The provisions of Section 12.2 of the Declaration with
respect to meetings of Holders of the Securities apply to the giving of such
approval.

SECTION 5.3 NOTICES

            All notices provided for in this Common Securities Guarantee shall
be in writing, duly signed by the party giving such notice, and shall be
delivered, telecopied or mailed by registered or certified mail, as follows:

            (a) if given to the Issuer, in care of the Regular Trustee at the
      Issuer's mailing address set forth below (or such other address as the
      Issuer may give notice of to the Holders of the Common Securities):

                  St. Paul Capital Trust I
                  c/o The St. Paul Companies, Inc.
                  385 Washington Street
                  St. Paul, Minnesota 55102
                  Att'n: Bruce A. Backberg

            (b) if given to the Guarantor, at the Guarantor's mailing address
      set forth below (or such other address as the Guarantor may give notice of
      to the Holders of the Common Securities):

                  The St. Paul Companies, Inc.
                  385 Washington Street
                  St. Paul, Minnesota 55102
                  Att'n: Bruce A. Backberg


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                  if given to any Holder of the Common Securities, at the
                  address set forth on the books and records of the Issuer.

            All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

SECTION 5.4 BENEFIT

            This Common Securities Guarantee is solely for the benefit of the
Holders of the Common Securities and is not separately transferable from the
Common Securities.

SECTION 5.5 GOVERNING LAW

            THIS COMMON SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK.


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            IN WITNESS WHEREOF, the parties hereto have caused this Common
Securities Guarantee Agreement to be duly executed as of the date hereof.


                                    THE ST. PAUL COMPANIES, INC.,
                                    as Guarantor


                                    By:___________________________________
                                       Name:
                                       Title:


                                    ST. PAUL CAPITAL TRUST I,
                                    as Issuer


                                    By:___________________________________
                                       Name:
                                       Title: