One of the most important metrics to watch at insurances companies, like Markel (NYSE:MKL), Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B), and Montpelier Re (NYSE:MRH.DL), is the combined ratio. But what exactly is the combined ratio and why is it important?

In this segment of The Motley Fool's financials-focused show, Where the Money Is, banking analysts Matt Koppenheffer and David Hanson discuss the metric and its meaning.
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