TheStreet's Jim Cramer says AIG CEO Robert Benmosche has 'taken a ward of the state and turned it around to a great property and casualty insurance company.' Cramer says that because of increased competition in the property and casualty space the sector is out of favor. But, Cramer says that is why he sees opportunity in AIG. Benmosche is returning capital to shareholders in the form of dividends and buybacks and shares of AIG have a book value above $60 a share, and according to Cramer, AIG is one of the most undervalued companies still left.

At the time of publication, Cramer was long ___.

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