NEW YORK (TheStreet) -- TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, called American International Group's (AIG) CEO Robert Benmosche "one of my Bankable 21"  chief executives

Why? Cramer said the guy took what everyone thought was a bankrupt company, a "ward of the state," and "turned it around into a great property/casualty [insurance] company."

Property/casualty stocks are "out of fashion," said Cramer, after Travelers Companies (TRV) said there is now price competition between these insurance companies. The prospect of lower premiums has weighed upon shares of a lot of insurers, including AIG, in the past month.

However, according to Cramer, this presents a good buying opportunity into AIG for investors. 

He said that thanks to Benmoshe, AIG has favorable capital returns in the form of a dividend payout and share buyback plan.

The CEO is also responsible for making AIG, which last year paid back the final installment of its $182 billion federal government bailout, "into one of the most undervalued companies that are still left in the stock market," Cramer said. The stock is undervalued in the sense that its book value is "north of $60," while the stock currently trades at $49.

At the time of publication, Cramer's Action Alerts PLUS held no position in any of the stocks mentioned. 

-- Written by Bret Kenwell in Petoskey, Mich. 

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter.

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