"First, there have been enough catastrophes our there to take out a lot of capacity, allowing insurance rates to go up," he said.
"Second, the group's done nothing for ages and it is still, even after last year's gains, well behind the market," he added.
"Finally, and most importantly, the asset side has come back to life with a vengeance. These companies owned a large amount of housing related debt but as housing increases in value, the paper's coming back," Cramer explained.
Rather than underperform, Cramer thinks the group will perform as well as it did in 2012 – and "in fact it could outperform or do better," he said.
If you're looking to put money to work, Cramer had two suggestions, "To me AIG's the best way to play it, because it has pretty much everything that was bad that is now good. Or you might just want to go with the man who it has never been wrong to go with, Warren Buffett, and Berkshire Hathaway."