NEW YORK ( TheStreet) -- More than three-quarters of insurance-company shares have fallen in the past week. Here are five that have risen.

5. Axis Capital Holdings ( AXS) is a Bermuda-based specialty insurer and reinsurer.

Price Rise: 3.5%

Financial Fundamentals: Solid financials but with disappointing net income. Operating return on average equity of 15.5%, compared with the peer average 10.4%. Debt-to-capital ratio, 8.32%; average, 14.3%. Net income, 2.8% of total revenue; average, 3.5%.

Market Indicators: A price-to-earnings ratio of 4, which is low, and an analysts' consensus price target that's 19.5% below the current price indicate this is a cheap stock.

News: Moody's affirmed its ratings with a "stable" outlook Wednesday.

4. Horace Mann Educators ( HMN) is an Illinois-based multiline insurer specializing in educators' financial needs.

Price Rise: 7.4%

Financial Fundamentals: Net income was good despite high leverage and low operating results. Operating ROAE of 9.7%; peer average, 11.8%. Debt-to-capital ratio, 24.8%; average, 17.7%. Net income, 7.8% of total revenue; average, 3.4%.

Market Indicators: A P/E ratio of 5.9, trading volume that's 30% below normal and a 22% price gap to analysts' consensus price target make this stock a "buy."

News: Standard & Poor's revised its outlook to "stable" from "negative" at the end of January before the company's earnings release.

3. First Acceptance ( FAC) is a Tennessee-based non-standard auto insurer.

Price Rise: 11%

Financial Fundamentals: Operating ROAE of negative 34.6%; peer average, positive 13%. Debt-to-capital ratio, 19.8%; average, 15.2%. Policy reserves, 0.76 time equity; average, 2.1.

Market Indicators: A P/E ratio of 17.3 and a short-interest ratio of 29.5 suggest the stock may drop. It's a risky investment at the current price.

News: A.M. Best upgraded the company Tuesday and revised the outlook to "positive" from "stable," citing reduced underwriting leverage, and consistent fee and investment income.

2. OneBeacon Insurance Group ( OB) is a Bermuda-based financial-guarantee insurer, a subsidiary of White Mountains Insurance Group ( WTM).

Price Rise: 11%

Financial Fundamentals: Average operating results coupled with high debt and below-average net income. Operating ROAE of 14.1%; peer average, 14.5%. Debt-to-capital ratio, 30%; average, 10.8%. Net income, 14.5% of total revenue; average, 23.4%.

Market Indicators: A P/E ratio of 4.7, which is low, and a dividend yield of 5.8%, which is high, make the stock attractive.

News: Look for expansion in 2010 as capital freed up from sales is used to boost specialty lines.

1. American International Group ( AIG) is a New York-based financial-services company and multiline insurer.

Price Rise: 13%

Financial Fundamentals: Negative operating results and high debt levels, combined with a complex financial structure, make this ward of the state a head-scratcher. Operating ROAE of negative 44.8%; peer average, 6.6%. Debt-to-capital ratio, 69.4%; average, 18.4%. Net income, negative 126% of total revenue; average, 3.7%.

Market Indicators: Analysts consider this stock overpriced by 31%. It has an above-average P/E ratio of 9.9 and a price-to-book value of 71.5%. The numbers don't add up to a "buy."

News: MetLife ( MET) has confirmed its interest in buying AIG's Alico life-insurance unit, but the Federal Reserve Bank of New York holds $9 billion in preferred shares, and no cash is expected to be generated for debt reduction.
Gavin Magor is the senior analyst responsible for assigning financial-strength ratings to insurance companies. He conducts industry analysis and supports consumer products. Magor has more than 22 years of international experience in operations and credit-risk management, commercial lending and analysis. His experience includes international assignments in Sweden, Mexico, Brazil and the U.S. He holds a master's degree in business administration from The Open University in the U.K.