Milwaukee Specialty Insurance Company has had a very bad financial year. There were many icy days in Milwaukee this winter and the company has had to pay out more claims than usual. Given the following data, please calculate the combined ratio for MSIC:

Earned premiums: $120 million

Incurred Losses: $95 million

Investment Income: $2 million

Incurred Expenses: $25 million

NOTE: Combined ratios are always expressed as %