A raft of Bermuda-based and Bermuda-linked insurance and reinsurance companies have seen their stock prices hit one-year highs this week.While the Dow Jones Industrial Average has been posting records this month, reaching an all-time high of 14,547 points last week, even it has been outpaced by a large number of Bermuda-linked insurers and reinsurers which have seen their share prices improve between 21 percent and 61 percent compared to their 52-week low points.Wednesday was a golden day for shareholders of Arch, Alterra, Allied World, Axis, Endurance, Everest Re, Marsh, Montpelier, PartnerRe, Platinum, RenaissanceRe, Validus and Willis, as all 13 companies saw their share prices hit new one-year highs.A further eight companies in the sector, also with Bermuda links, have recorded one-year highs for their share prices this month. Among them are Ace, XL Group, Hiscox and Lancashire.Bull market conditions have lifted the vast majority of stocks across the board, but the improvement in the insurance and reinsurance sector has outshone even the Dow Jones’ record breaking run, which equates to a 20.8 percent rise between its 52-week low and high.Of Wednesday’s golden bunch, Platinum Underwriting stole the show as its shares closed at $56.34, some 61 percent higher than their one-year low of $34.97.The share price improvements have attracted favourable words, and recommendations, from market commentators.Digital financial media company TheStreet, shone a spotlight on PartnerRe’s stock this week, rating it as a “buy”. The stock has improved 45 percent from its 52-week low, and closed on Wednesday at $94.26. TheStreet said: “The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, notable return on equity and attractive valuation levels. We feel these strengths outweigh the fact that the company shows low profit margins.”It had a similar positive view of Ace, rating the company’s shares as a “buy” just days before the stock reached a one-year high of $89.06 on March 14. TheStreet praised Ace for its “solid stock price performance, revenue growth, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and good cash flow from operations”.Arch Capital was another of the star performers on Wednesday, with its share price closing at $52.44, which was 45 percent above its 52-week low.Zacks Equity Research, commenting on Arch Capital, said it held a favourable view of the company’s pending acquisition of CMG Mortgage Insurance Company from PMI Mortgage Insurance Company for $300 million, commenting: “The acquisition will enable Arch Capital to penetrate deeper into the US mortgage insurance market.“The Zacks Consensus Estimate for 2013 is pegged at $3.09, up 21.7 percent year over year. The overall long-term expected earnings growth rate for this stock is 9.4 percent.”However, Zacks cautioned that it believes Arch Capital’s valuation looks stretched as its shares are trading at a 5.9 percent premium to the peer group average on a forward price-to-earnings basis and at a 29.3 percent premium to the peer group average on a price-to-book basis.The research company gave an upbeat assessment of Axis Capital on Wednesday, stating the company’s valuation looked attractive.“The shares are trading at a discount to the peer group average, both on a price-to-book basis (9.3 percent discount to peer group average) and forward price-to-earnings basis (27.7 percent discount to peer group average), with return on equity remaining 8.2 percent above the peer group average,” wrote Zacks.The company praised Axis for its “conservative underwriting practices” and added: “New business generation and platform expansion will also aid AXIS fuel its top-line growth. The overall long-term expected sales and earnings growth rate for this stock is 8.2 percent and 8.5 percent, respectively.”