From a recent Mad Money show: I do, however, like Chubb Corp (CB) and Travelers Companies (TRV). "

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.

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.

You are also seeing the Chubbs (CB) of the world, the competitors to AIG, which could be gigantic winners.

He said buy names like Chubb (CB), Travelers (TRV), Metlife (MET) and Prudential (PRU)

14%

Chubb has one of the few valuable brand names in insurance. How cheap is Chubb? Its shares, at around 50, trade for about eight times projected 2008 profits and just 1.3 times book value. Chubb is generating a respectable 16% return on equity and has no meaningful exposure to subprime mortgages in its investment portfolio.

good value

There were more than 50 stocks last week within the S&P 500 trading below 10 times forward earnings, including insurers Chubb (CB) andAllstate (ALL), oil refiners Tesoro (TSO) andSunoco (SUN), retailers J.C. Penney and Macy's, and many major securities firms, including Lehman Brothers (LEH) and Morgan Stanley (MS).

The Chubb Corp. last week introduced a repurchase program to buy back up to 28 million shares of the insurance provider's stock.

The buyback plan covers 7.3 percent of the 383.8 million Chubb shares outstanding on Sept. 30.