Document:

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                                                                    Exhibit 10.2

December 19, 2001

Travelers Property Casualty Corp.
1 Tower Square
Hartford, CT 06183
Attention: William H. White
           Vice President and Treasurer

Re: Line of Credit

Ladies and gentlemen:

This letter will confirm your and our agreement to the terms and conditions for
the line of credit set forth below.

The line of credit

From the date of this letter, Citigroup Inc. (Citigroup) shall make available to
Travelers Property Casualty Corp. (TPC), for its general corporate purposes, a
$250 million revolving line of credit (the line of credit).

TPC shall give Citigroup at least one business day's written or oral notice of
each borrowing under the line of credit (each such borrowing a loan).

The unpaid principal amount of each loan shall bear interest for each day at the
commercial paper rate for that day. The commercial paper rate for any day shall
be

* the per annum interest rate for overnight commercial paper issued on that day
  by Citicorp, or

* if Citicorp does not issue overnight commercial paper on that day, the per
  annum interest rate for commercial paper with the shortest maturity issued on
  that day by Citicorp, or

* if Citicorp does not issue commercial paper on that day, the per annum
  interest rate for commercial paper with the shortest maturity issued by
  Citicorp on the last preceding day on which Citicorp issued commercial paper.

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Travelers Property Casualty Corp.
December 19, 2001
page 2

Maturity; repayment; interest; commitment fee

TPC shall pay the unpaid principal amount of each loan, together with accrued
interest and all accrued fees, no later than December 19, 2006. Upon such
payment in full, this agreement shall terminate.

TPC may, on one day's written or oral notice to Citigroup, repay any loan in
whole or in part at any time or times, without penalty. At the time of such
repayment, TPC shall also pay Citigroup accrued interest on the amount repaid.

TPC shall pay interest on the unpaid principal amount of each loan to Citigroup
in arrears on the last business day of each calendar month and on the date this
agreement terminates. Interest shall be computed on the basis of a 360-day year
and actual days elapsed.

TPC shall pay a commitment fee at the rate of 0.08% per annum on the average
daily unused amount of the line of credit. The commitment fee shall be paid
quarterly in arrears on the last business day of each calendar quarter and on
the date this agreement terminates.

Payments generally

Each loan, and each payment of principal or interest on a loan and the
commitment fee, shall be made in same day funds. If a payment under this
letter agreement is scheduled to be made on a day that is not a business day,
the payment shall instead be due and payable on the next succeeding business
day; any interest required to be so paid shall include interest accrued to such
next succeeding business day. A business day is a day on which Citibank, N.A.
is open for business in New York City.

Entries in records maintained by Citigroup in accordance with its usual
practice evidencing the loans, including the principal amounts, interest rates,
and payments of principal and interest, shall be prima facie evidence of the
existence and amounts of TPC's obligations. Citigroup's failure to maintain, or
any error in, such records shall not affect TPC's obligations to repay the
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Travelers Property Casualty Corp.
December 19, 2001
page 3

principal of and interest on the loans in accordance with this letter agreement.

Termination of line of credit

TPC may terminate this agreement on not less than five business days' written
notice to Citigroup. On the date specified in such a termination notice, the
line of credit shall terminate and TPC shall pay Citigroup the unpaid principal
amount of all loans, and accrued interest thereon and the accrued commitment
fee.

Miscellaneous

This agreement constitutes the entire agreement and understanding between the
parties and supersedes all prior agreements and understandings, oral or
written, relating to its subject matter. An amendment to or waiver of a
provision of this letter agreement must be in writing and signed by Citigroup
and TPC.

Governing law

This agreement shall be governed by the laws of the State of New York.

Please confirm your agreement to the terms and conditions set forth in this
letter agreement by signing and returning to us the enclosed copy of this
letter.

Very truly yours,

Citigroup, Inc.

By: /s/ Guy Whittaker
    --------------------------
    Guy Whittaker
    Treasurer

By: /s/ Charles E. Wainhouse
    --------------------------
    Charles E. Wainhouse
    Assistant Treasurer

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Travelers Property Casualty Corp.
December 19, 2001
page 4

Confirmed and agreed:

Travelers Property Casualty Corp.

By: /s/ William H. White
   ___________________________
   William H. White
   Vice President and Treasurer<PAGE>
                                                                    Exhibit 10.3

                                Promissory Note

                                 April 13, 2001

The undersigned, Travelers Property Casualty Corp., ("BORROWER"), a corporation
organized pursuant to Corporation Laws of the State of Delaware, and having its
principal office at One Tower Square, Hartford, Connecticut 06183 USA, promises
to pay to the order of Citicorp Banking Corporation -- Delaware ("LENDER"), on
their respective maturity dates, the respective unpaid principal amount of all
loans made by Lender to Borrower. At no time shall the aggregate principal
amount outstanding of all such loans made to Borrower exceed USD 500,000,000.00
(USD FIVE HUNDRED MILLION).

Each loan evidenced by this Note shall bear interest at a fair market rate
mutually agreed upon at the time of making such loan. Interest will be paid
either at maturity or at specified times mutually agreed.

Borrower agrees that borrowings and payments hereunder will be effected by
telephone or written notice to Lender from Borrower or its agent by personnel
authorized by the undersigned to effect borrowings or payments. Amounts borrowed
hereunder shall be credited to, and payments and interest charges shall be
debited to, borrower's Account 9102 765881 with The Chase Manhattan N.A. in New
York in same day funds, borrower may prepay the loan prior to maturity with the
consent of the Lender, and Lender can accelerate the loan prior to maturity with
the consent of the Borrower.

                                        TRAVELERS PROPERTY CASUALTY CORP.

                                        By: /s/ William H. White
                                            _____________________________
                                            William H. White, Treasurer

                                        By: /s/ Charles B. Chamberlain
                                            _____________________________
                                            Charles B. Chamberlain,
                                            Asst. Treasurer<PAGE>
                                                                  Exhibit 10.10

                        TRAVELERS PROPERTY CASUALTY CORP
                                COMPENSATION PLAN
                     FOR NON-EMPLOYEE DIRECTORS (THE "PLAN")

            SECTION 1.  ELIGIBILITY.  Each member of the Board of Directors
of the Travelers Property Casualty Corp. (the "Company") or one of its
subsidiaries, if so designated by the Board of Directors, who is not an
employee of the Company or any of its subsidiaries (an "Eligible Director")
is eligible to participate in the Plan.

            SECTION 2. ADMINISTRATION. The Plan shall be administered, construed
and interpreted by the Board of Directors of the Company. Pursuant to such
authorization, the Board of Directors shall have the responsibility for carrying
out the terms of the Plan, including but not limited to the determination of the
amount and form of payment of the annual retainer and any additional fees to be
paid to all Eligible Directors (the "Annual Fixed Director Compensation"). To
the extent permitted under the securities laws applicable to compensation plans
including, without limitation, the requirements of Section 16(b) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act") or under the
Internal Revenue Code of 1986, as amended (the "Code"), the Personnel,
Compensation and Directors Committee of the Board of Directors, or a
subcommittee of the Personnel, Compensation and Directors Committee, may
exercise the discretion granted to the Board under the Plan, provided that the
composition of such Committee or subcommittee shall satisfy the requirements of
Rule 16b-3 under the Exchange Act, or any successor rule or regulation. The
Board of Directors may also designate a plan administrator to manage the record
keeping and other routine administrative duties under the Plan.

            SECTION 3. STOCK OPTIONS. In addition to Annual Fixed Director
Compensation, the Board of Directors may make an annual grant to Eligible
Directors of options ("Annual Stock Option Grant") to purchase common stock, par
value $.01 of the Company ("Common Stock"). The Annual Stock Option Grant shall
be made under, and pursuant to the terms and conditions of, the Travelers
Property Casualty Corp. 2002 Stock Incentive Plan or any successor plan (the
"Stock Incentive Plan").

            SECTION 4. ANNUAL FIXED DIRECTOR COMPENSATION. Payment of Annual
Fixed Director Compensation shall be made quarterly, on the first business day
following the end of the quarter for which the compensation is payable, to each
Eligible Director who served as a director during at least one-half of such
quarter (including any service with Citigroup Inc. or any of its subsidiaries)
and who was a director on the last day of such quarter.

            Each Eligible Director may elect to receive up to fifty percent
(50%) of each quarterly payment of Annual Fixed Director Compensation in cash.
The balance of each quarterly payment shall be paid in shares of Common Stock or
in the form of stock options, as each Eligible Director elects. Payment in stock
options shall be under the same plan and pursuant to the same terms and
conditions as the Annual Stock Option Grant. If an Eligible

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Director does not elect to receive a percentage of his or her Annual Fixed
Director Compensation in cash or stock options, such compensation shall be paid
entirely in Common Stock.

            The number of shares of Common Stock to be transferred to the
Eligible Director in respect of each quarterly installment of Annual Fixed
Director Compensation shall be determined in the manner set forth in paragraph
6(a), and such shares shall not be transferred or sold by such Eligible Director
for a period of six months following the date of grant.

            SECTION 5.  ELECTION TO DEFER.

                  (a) TIME OF ELECTION. As soon as practicable prior to the
beginning of a calendar year, an Eligible Director may elect to defer receipt of
the Common Stock component of Annual Fixed Director Compensation by directing
that such Common Stock which otherwise would have been payable in accordance
with paragraph 3 above during such calendar year and succeeding calendar years
shall be credited to a deferred compensation account (the "Director's Account").
Under a valid election, such deferred compensation shall be payable in
accordance with paragraph 7(a) below. Any person who shall become an Eligible
Director during any calendar year, and who was not an Eligible Director of the
Company (or its subsidiaries) prior to the beginning of such calendar year, may
elect, within thirty (30) days after his or her term begins, to defer payment of
the Common Stock component of his or her Annual Fixed Director Compensation
earned during the remainder of such calendar year and for succeeding calendar
years. The cash component of Annual Fixed Director Compensation may not be
deferred.

                  (b) FORM AND DURATION OF ELECTION. An election to defer the
Common Stock component of Annual Fixed Director Compensation shall be made by
written notice executed by the Eligible Director and filed with the Secretary of
the Company. Such election shall continue until the Eligible Director terminates
such election by subsequent written notice filed with the Secretary of the
Company. Any such election to terminate deferral shall become effective for the
calendar quarter following receipt of the election form by the Company and shall
only be effective with respect to the Common Stock component of Annual Fixed
Director Compensation payable for services rendered as an Eligible Director
thereafter. Amounts credited to the Director's Account prior to the effective
date of termination shall not be affected by such termination and shall be
distributed only in accordance with the terms of the Plan.

                  (c) CHANGE OF ELECTION. An Eligible Director who has
terminated his or her election to defer the Common Stock component of Annual
Fixed Director Compensation hereunder may thereafter make another election in
accordance with paragraph 5(a) to defer such compensation for the calendar year
subsequent to the filing of such election and succeeding calendar years.

            SECTION 6.  THE DIRECTOR'S ACCOUNT.   Shares of Common Stock that
an Eligible Director has elected to defer under the Plan shall be credited to
the Director's Account as follows:

                  (a) As of each date that a quarterly installment of the Annual
Fixed Director Compensation would otherwise be payable, there shall be credited
to the Director's Account the number of full shares of the Company's Common
Stock obtained by multiplying the

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percentage such Eligible Director has elected to receive in shares of Common
Stock by the total amount of Annual Fixed Director Compensation allocable to
such calendar quarter, and then by dividing the result by the average of the
closing price of the Company's Common Stock on the New York Stock Exchange Inc.
on the last ten (10) trading days of the calendar quarter for which such Common
Stock would otherwise be payable. If the applicable percentage of Annual Fixed
Director Compensation for the calendar quarter is not evenly divisible by such
average closing price of the Company's Common Stock, the balance shall be
credited to the Director's Account in cash.

                  (b) At the end of each calendar quarter, there shall be
credited to the Director's Account an amount equal to the cash dividends that
would have been paid on the number of shares of Common Stock credited to the
Director's Account as of the dividend record date, if any, occurring during such
calendar quarter as if such shares had been shares of issued and outstanding
Common Stock on such record date, and such amount shall be treated as reinvested
in additional shares of Common Stock on the dividend payment date.

                  (c) Cash amounts credited to the Director's Account pursuant
to subparagraphs (a) and (b) above shall accrue interest commencing from the
date the cash amounts are credited to the Director's Account at a rate per annum
to be determined from time to time by the Company. Amounts credited to the
Director's Account shall continue to accrue interest until distributed in
accordance with the Plan. An Eligible Director may be given the opportunity make
a written election to treat the existing cash balance and interest accrued
thereon as invested in additional shares of Common Stock. The timing of the
effectiveness of such election shall be subject to the Company's discretion.

                  (d) An Eligible Director shall not have any interest in the
cash or Common Stock in his or her Director's Account until such cash or Common
Stock is distributed in accordance with the Plan.

            SECTION 7.  DISTRIBUTION FROM ACCOUNTS.

                  (a) FORM OF ELECTION. At the time an Eligible Director makes
an election to defer receipt of Annual Fixed Director Compensation pursuant to
paragraphs 5(a) or 5(c), such Director shall also file with the Secretary of the
Company a written election with respect to the distribution of the aggregate
amount of cash and shares credited to the Director's Account pursuant to such
election. An Eligible Director may elect to receive such amount in one lump-sum
payment or in a number of approximately equal annual installments (provided the
payout period does not exceed 15 years). The lump-sum payment or the first
installment shall be paid as of (i) the first business day of any calendar year
subsequent to the date the Annual Fixed Director Compensation would otherwise be
payable, as specified by the Director, (ii) the first business day of the
calendar quarter immediately following the cessation of the Eligible Director's
service as a director of the Company or (iii) the earlier of (i) or (ii), as the
Eligible Director may elect. Subsequent installments shall be paid as of the
first business day of each succeeding annual installment period until the entire
amount credited to the Director's Account shall have been paid. A cash payment
will be made with the final installment for any fraction of a share of Common
Stock credited to the Director's Account.

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                  (b) ADJUSTMENT OF METHOD OF DISTRIBUTION. An Eligible Director
participating in the Plan may, prior to the beginning of any calendar year, file
another written election with the Secretary of the Company electing to change
the date and/or method of distribution of the aggregate amount of cash and
shares of Common Stock to be credited to the Director's Account for services
rendered as a director commencing with such calendar year. Amounts credited to
the Director's Account prior to the effective date of such change (the "Prior
Amounts") shall not be affected by such change and shall be distributed only in
accordance with the election then in effect with respect to the Prior Amounts
except as specified in this paragraph. An Eligible Director may elect to defer
the date on which Prior Amounts are to be paid, and/or extend the payout period
if a written election to effect such change is filed with the Secretary of the
Company at least one (1) year before such change is to take effect. An Eligible
Director may also elect to accelerate the date on which the Prior Amounts are to
be paid and/or shorten the payout period if a written election to effect such
change is filed with the Secretary of the Company at least one (1) year before
such change is to effect. Notwithstanding the foregoing, in the event an
Eligible Director suffers a severe financial hardship outside the control of
such Director, as determined by the Company, the Eligible Director may elect to
advance or defer the date of distribution of his or her Director's Account or
change the method of distribution thereof.

                  (c) CHANGE OF CONTROL. Notwithstanding anything to the
contrary contained herein, upon a "Change of Control" (as defined in the Stock
Incentive Plan), the full number of shares of Common Stock and cash in each
Director's Account shall be immediately funded and be distributable on the later
of the date six months and one day following the "Change of Control" or the
distribution date(s) previously elected by an Eligible Director.

            SECTION 8. DISTRIBUTION ON DEATH. If an Eligible Director should die
before all amounts credited to the Director's Account shall have been paid in
accordance with the election referred to in paragraph 6, the balance in such
Director's Account as of the date of such Director's death shall be paid
promptly following such Director's death, in accordance with the method of
payment elected by the Eligible Director, to the beneficiary designated in
writing by such Director. Such balance shall be paid to the estate of the
Eligible Director if (a) no such designation has been made or (b) the designated
beneficiary shall have predeceased the Director and no further beneficiary
designation has been made.

            SECTION 9.  MISCELLANEOUS.

                  (a) The right of an Eligible Director to receive any amount in
the Director's Account shall not be transferable or assignable by such Director,
except by will or by the laws of descent and distribution, and no part of such
amount shall be subject to attachment or other legal process.

                  (b) Except as otherwise set forth herein, the Company shall
not be required to reserve or otherwise set aside funds or shares of Common
Stock for the payment of its

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obligations hereunder. The Company shall make available as and when required a
sufficient number of shares of Common Stock to meet the requirements arising
under the Plan.

                  (c) The establishment and maintenance of, or allocation and
credits to, the Director's Account shall not vest in the Eligible Director or
his beneficiary any right, title or interest in and to any specific assets of
the Company. An Eligible Director shall not have any dividend or voting rights
or any other rights of a stockholder (except as expressly set forth in paragraph
6(b) with respect to dividends and as provided in subparagraph (f) below) until
the shares of Common Stock credited to a Director's Account are distributed. The
rights of an Eligible Director to receive payments under this Plan shall be no
greater than the right of an unsecured general creditor of the Company.

                  (d) The Plan shall continue in effect until terminated by the
Board of Directors. The Board of Directors may at any time amend or terminate
the Plan; provided, however, that (i) no amendment or termination shall impair
the rights of an Eligible Director with respect to amounts then credited to the
Director's Account; (ii) the provisions of the Plan relating to eligibility, the
amount and price of securities to be awarded, the timing of and the amount of
Annual Fixed Director Compensation awards and Annual Stock Option Grant shall
not be amended more than once every six months, other than to comport with
changes in the Internal Revenue Code of 1986, as amended, the Employee
Retirement Income Security Act of 1974, as amended, or the rules thereunder; and
(iii) no amendment shall become effective without approval of the stockholders
of the Company if such stockholder approval is required to enable the Plan to
satisfy applicable state or Federal statutory or regulatory requirements.

                  (e) Each Eligible Director participating in the Plan will
receive an annual statement indicating the amount of cash and number of shares
of Common Stock credited to the Director's Account, as well as the number of
outstanding stock options, as of the end of the preceding calendar year.

                  (f) If adjustments are made to outstanding shares of Common
Stock as a result of stock dividends, stock splits, recapitalizations, mergers,
consolidations and similar transactions, an appropriate adjustment shall be made
in the number of shares of Common Stock credited to the Director's Account.

                  (g) Shares of Common Stock that may be granted under the Plan
shall be subject to adjustment upon the occurrence of adjustments to the
outstanding Common Stock described in paragraph 9(f) hereof.

                  (h) The validity, construction, interpretation, administration
and effect of the Plan and of its rules and regulations, and rights relating to
the Plan, shall be determined solely in accordance with the laws of the State of
Connecticut, without regard to the conflicts of laws provisions thereof.

                  (i) All claims and disputes between an Eligible Director and
the Company arising out of the Plan shall be submitted to arbitration in
accordance with the then current arbitration policy of the Company. Notice of
demand for arbitration shall be given in

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writing to the other party and shall be made within a reasonable time after the
claim or dispute has arisen. The award rendered by the arbitrator shall be
final, and judgment may be entered upon it in accordance with applicable law in
any court having jurisdiction thereof. The provisions of this Section 9(i) shall
be specifically enforceable under applicable law in any court having
jurisdiction thereof.

                  (j) If any term or provision of this Plan or the application
thereof to any person or circumstances shall, to any extent, be invalid or
unenforceable, then the remainder of the Plan, or the application of such term
or provision to persons or circumstances other than those as to which it is held
invalid or unenforceable, shall not be affected thereby, and each term and
provision hereof shall be valid and be enforced to the fullest extent permitted
by applicable law.

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