Allstate shares are cheap, despite their recent rise. One analyst thinks that they can reach 40 over the next 12 months, from a recent level of about 25.

"If we can take the pressure off this group, including MetLife (MET) and Pru (PRU) and Manulife (MFC) and Allstate (ALL), it would eliminate a second albatross -- mark to cash flow (as I like to call it) will take the pressure off banks with performing loans that had to be marked lower because of the inflexibility of the accounting system." ("Next, Fix the Insurers," 4-8-09)

Property-and-casualty insurance stocks got a lift recently amid expectations of an end to the slide in commercial premiums. Yet, Allstate (ALL) and The Travelers Companies (TRV) still trade at or under book value, while two of the strongest insurers, Ace (ACE) and Chubb (CB), trade at modest premiums to book and at less than 10 times projected 2009 profits. Depressed asset managers like Franklin Resources (BEN) and AllianceBernstein (AB) trade for 10 to 15 times projected 2009 profits.

Insurer Allstate (ALL) produces almost $8 a share in free cash, providing support for its 3.7% yield. Military contractor General Dynamics (GD) churns out $5 a share, and yields 1.9%.

Cramer wasn’t recommending any particular stock, but he did say names like Allstate [ALL], MetLife [MET], Prudential [PRU] Chubb [CB] and The Travelers [TRV], which dealt mainly in the safer property, casualty and life insurances, stand to gain the most by any AIG fallout.

GREAT AMERICAN INSURANCE CO

Shanker is also partial to Allstate, which at 45 now trades for eight times projected 2008 profits of $5.57 a share and for 1.2 times book value.

Adami said he likes Allstate (ALL) because it has a nice dividend and will probably go higher from here.

work there.

On the other hand, "I'm not that high on MBIA (MBI). I don't feel that good about MGIC (MTG). He was also bearish on AIG (AIG) and expressed concern over legal problems at Allstate (ALL).

none

Hasn't move a bit. Low p/e.