Marc Wagman has been promoted to managing director of Arthur J Gallagher’s (AJG) trade credit and political risk practice, replacing Don Harkey who retired on December 31, 2016.

Wagman joined AJG in 2015 as area executive vice-president, as part of the broker’s merger with Aequus Trade Credit, a boutique trade credit firm offering credit risk mitigation products and services. Before that, he was a managing partner at Aequus for 11 years. His 20-year career also includes experience at Euler Hermes and Avenue Capital, both in New York.

He began his career as a treasury and financial analyst for the CIT Group, where he co-managed the firm’s interest rate swap portfolio, and later worked as a research analyst in CIT’s economics department.

“Marc’s expertise in the political risk and trade credit area is sought after in today’s global geopolitical climate,” says Steven A Ring, practice group/niche strategy leader for AJG. “Often our clients have very little control over changes in governmental issues and require protection against non-payment risks. Marc and his team has help our clients make the right decisions for their businesses.”

Harkey joined AJG’s brokerage services division in September 2013, and has over 38 years of experience within international finance, supply chain finance, banking and trade credit, political risk.