SmarTrend’s listing of the companies in the reinsurance industry with the lowest operating margin includes four that are based in Bermuda.

SmarTrend is an online provider of stock trade alerts which they say on their website are based on a proprietary, price-pattern recognition system.

Maiden Holdings ranks lowest with an operating margin of two percent. Reinsurance Group of America (which is American based, but has operations in Bermuda) is next with a an operating margin of 8.9 percent and Arch Capital ranks third lowest with a an operating margin of 21.3 percent.

PartnerRe follows with a an operating margin of 25.2 percent, and Enstar Group rounds out the bottom five with a an operating margin of 36.1 percent.

A healthy operating margin is required for a company to pay for its fixed costs and generate cash, said SmarTrend.