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Our was formed to provide workers compensation insurance for Chicago''s lumberyard workers.Today, Our is a leading provider of property-casualty insurance and risk management services, including a wide array of business and personal insurance products. Our provides specialized and innovative business insurance products to address environmental, professional, excess casualty, bond and surety, disability, and loss control risks. An organization with revenues of approximately $4.8 billion and a premium-to-surplus ratio of 1.4 to 1. Our employs 8,700 employees worldwide. Our products are sold through more than 2,000 independent commercial agents and brokers and through more than 1,500 independent personal lines agents. Our serves nearly 400 national account customers, including many Fortune 500 companies.
According to Our President and COO, the stock subsidiary formed to facilitate the Berkshire Hathaway investment also provides a vehicle for raising additional capital. "Forging a relationship with Berkshire Hathaway was the correct course of action for Our," he said . "The investment and the reinsurance components of the agreement provide substantial protection for Our''s policyholders and will benefit Our in the long term." In addition to the Berkshire Hathaway investment, Our announced strong results for the first quarter, recording the highest first-quarter earnings in company history -- $54.5 million after-tax compared to $19.4 million for the same time period last year. Our posted a first-quarter combined ratio of 101, compared to 105.3 in first quarter.
Clients get access to data on all aspects of their portfolio through comprehensive reporting capability. Services include consultations on equipment replacement, risk evaluations and administrative support. In addition to corporate accounts, underwriting support can be provided to independent service organizations and in-house maintenance programs. These products and services can be customized to fit the individual needs of almost any enterprise. Our Cost Management is part of Our Warranty Services, a wholly owned subsidiary of Our Insurance Companies. Our Cost Management has been insuring equipment maintenance programs for more than 12 years. Today, their portfolio covers equipment throughout the United States valued at more than $2 billion.
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