Meanwhile, just because these eight insurance stocks may have made more quick money as undervalued insurance plays for TARP over the past two years, and the trio of Assurant, Ameriprise and Prudential even managed positive gains over the 5-year time horizon, there are a few KBW Insurance Index members that managed to do even worse than AIG since the historic events of the Fall 2008.

Read on for the real dogs of insurance sector who didn't see a dime from Uncle Sam....

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MBIA ( MBI)

Two-year return through Sept. 30: 2.2%

Stock price on Oct. 31, 2008: $9.83

Stock price on Sept. 30, 2010 $10.05

Current distribution of analyst rankings: 1 buys, 3 holds

Current price target range: $8-$15

AIG stock price on Oct. 31, 2008: $38.20

AIG stock price on Sept. 30, 2010: $39.10

AIG two-year return through Sept. 30: 2.4%

AIG five-year performance: -96.7%

MBIA five-year performance: -81%

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