Mr. Shettle has also worked for the giant Swiss Re group.

"John is a highly-regarded financial services executive with over 25 years of insurance experience, and we are delighted to be working with him," said Donald Marron, chairman and CEO of Lightyear.

"His deep industry knowledge is a natural fit for Lightyear as we continue to look for opportunities in specialty growth segments in financial services.

"We are pleased to have an executive of John's calibre join our team," said Mark Vassallo, managing director of Lightyear.

"As do many of us at Lightyear, John offers a combination of both operating and investing experience that enhances our ability to act as a strategic capital partner to our portfolio companies."

Mr. Shettle said: "Lightyear is a clear leader in financial services investing backed by an experienced and recognised investment team with a proven track record of success. I am excited to work with this dynamic group in identifying new opportunities as well as offering my experience and expertise to current portfolio companies."

Lightyear, through its affiliated funds, has managed approximately $3 billion of committed capital with investments across the financial services spectrum, including asset management, banking, brokerage, financial technology, insurance, leasing and related business services, and other sectors within financial services.