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Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table sets forth the Company’s income tax expense and effective tax rates for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Income tax expense$14,519 $10,956 $26,864 $20,333 
Effective tax rate22.8%22.0%21.4%20.1%
The effective tax rate will differ from the statutory rate of 21 percent due to tax charges associated with the effect of foreign operations, permanent differences for disallowed expenses for tax and beneficial adjustments for tax-exempt income, dividends-received deduction, and discrete items. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates of 15% in Bermuda and 25% in UK. The increase in the effective tax rate for the three months ended June 30, 2026, was primarily driven by state taxes. The increase in the effective tax rate for the six months ended June 30, 2026 was primarily attributable to foreign taxes associated with the Apollo acquisition, partially offset by discrete tax benefits, primarily from stock-based compensation.
The Company paid income taxes of $27.4 million and $30.3 million during the three and six months ended June 30, 2026, respectively, and paid $20.3 million during the three and six months ended