As initial public offerings go, the PZU transaction was more complicated than most. The deal brought to an end a lengthy disagreement involving the Polish insurer’s majority shareholders, the Polish state and Dutch insurer Eureko. It faced several obstacles along the way, some involving issues that affected the whole market, some that were specific to Poland.

Volatility spiked as a result of sovereign fears surrounding Greece during the deal, while the plane crash that killed the Polish president also adversely impacted the transaction. In addition, Icelandic volcano Eyjafjallajökull grounded airlines during the roadshow, forcing chief executive of PZU Andrzej Klesyk to board a propeller plane and fly to London at a low altitude below the ash cloud. Flying into a headwind, the journey took almost seven hours.