Ian Isaacs
About Ian Isaacs
Ian Isaacs (age 70) is an independent director of Greenlight Capital Re, Ltd. (GLRE), serving since 2008 and previously from 2004–2007; he also serves as a director of Greenlight Reinsurance, Ltd. and chairs Greenlight Re’s Investment Committee . He holds a B.A. from Carleton College and brings decades of securities and investment research experience evaluating business models and executive strategy . He is currently a member of GLRE’s Compensation Committee and is classified as independent under Nasdaq Rule 5605, with independence affirmed despite a limited partner interest in the Greenlight Funds .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Katonah Research LLC | Managing Member | Aug 2015–present | Provides market intelligence to professional investors; investment strategy insights |
| Gagnon Securities (NY broker dealer) | Senior Partner | Sep 2012–Apr 2015 | Portfolio analytics and market intelligence to institutional investors |
| Merlin Securities (SF broker dealer) | Senior Partner | Apr 2008–Jul 2012 | Institutional market research |
| UBS Financial Services (subsidiary of UBS AG) | SVP, Investments | Jul 2000–Mar 2008 | Conducted market research for institutional investors (including Greenlight Capital) |
| GLRE Board | Director | 2004–2007; 2008–present | Stepped down in 2007 due to employer policy prohibiting public boards; rejoined May 2008 |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Greenlight Reinsurance, Ltd. | Director; Chair, Investment Committee | Since 2008 | Oversees investment policy and portfolio; committee chair fee applies |
| Katonah Research LLC | Managing Member | Aug 2015–present | Market intelligence provider to professional investors |
No other current public company directorships are disclosed for Mr. Isaacs in the proxy biography .
Board Governance
- Independence: Independent director under Nasdaq Rule 5605; committee reviewed limited partner interests in Greenlight Funds and determined independence would not be impaired .
- Committee assignments (GLRE): Member, Compensation Committee; not a member of Audit, Underwriting, or Nominating/Governance/Corporate Responsibility .
- Attendance: Board met 4 times in 2024; each director attended at least 75% of applicable Board and committee meetings except one director (Platt) due to health reasons; all then-serving directors attended the 2024 AGM .
- Executive sessions: Regular executive sessions at Board and committees, typically chaired by the Lead Director .
| Committee | Role | 2024 Meetings | Notes |
|---|---|---|---|
| Compensation Committee | Member | 4 | Independent committee; prepares Compensation Committee Report |
| Audit Committee | Not a member | 4 | Oversees financial reporting, auditor independence, and related-party transactions |
| Nominating, Governance & Corporate Responsibility | Not a member | 4 | Oversees board composition, governance practices, succession |
| Underwriting Committee | Not a member | 4 | Oversees underwriting guidelines and risk exposures |
Fixed Compensation
| Component | Amount | Terms |
|---|---|---|
| Annual director cash retainer (GLRE) | $70,000 | Payable quarterly in cash or in restricted shares at director’s election; restricted shares vest on earlier of 1-year anniversary or next AGM; accelerated on death/disability or change in control |
| Additional fee (Chair, Greenlight Re Investment Committee) | $10,000 | Annual cash fee for subsidiary committee chair; included in 2024 compensation |
| Total fees earned or paid in cash (2024) | $80,000 | Retainer plus subsidiary committee chair fee |
| Equity grant (restricted shares) | $105,000 grant-date fair value; 8,393 shares | Time-based; vesting on earlier of 1-year anniversary or next AGM; accelerated on death/disability or change in control |
| Total 2024 director compensation | $185,000 | Cash + equity |
Performance Compensation
- Director equity awards are time-based restricted shares; no director-specific performance metrics disclosed (performance metrics apply to executive RSUs, not directors) .
| Award Type | Grant-date Value | Shares | Vesting | Acceleration |
|---|---|---|---|---|
| Restricted shares (2024) | $105,000 | 8,393 | Earlier of 1-year from grant or next AGM | Death/disability; change in control |
Other Directorships & Interlocks
- Limited partner interests: As of Dec 31, 2024, Mr. Isaacs was a limited partner in Greenlight Funds (affiliates of DME Advisors, advisor to SILP, in which GLRE invests). Committee determined independence despite LP interest; no special benefits from advisory fees .
- Related-party framework: GLRE’s investments in SILP are advised by DME Advisors; performance allocation and fees described, with oversight and approvals; Audit Committee reviews related-party transactions .
Expertise & Qualifications
- Securities and investment research expertise, evaluating business models and executive strategy; insight into GLRE’s alternative asset strategy .
- Chair of Greenlight Re’s Investment Committee, contributing investment oversight .
- Education: B.A., Carleton College .
Equity Ownership
| Measure | Value | Notes |
|---|---|---|
| Beneficial ownership (shares) | 136,984 | Includes 8,393 restricted shares |
| Ownership as % outstanding | <1% (“*” per proxy) | Based on 34,557,449 shares outstanding |
| Pledged shares | 16,000 | Company prohibits pledging, except grandfathered pledges at policy adoption |
| Holdings detail | 25,000 in living trust; 25,000 in IRA; includes 8,393 restricted shares | |
| Director ownership guideline | 5x annual cash retainer | All directors in compliance as of Dec 31, 2024, subject to transition periods |
Section 16(a) compliance: No delinquent filings reported for directors or officers during fiscal 2024 .
Governance Assessment
- Strengths: Independent director with deep investment research experience; active Compensation Committee member supporting pay-for-performance oversight; regular executive sessions and robust governance policies (clawback, hedging/pledging prohibition, ownership guidelines) bolster board effectiveness .
- Alignment: Holds 136,984 shares and meets director ownership guidelines (5x retainer), with equity compensation structured as time-based restricted shares that vest on annual cadence, supporting long-term alignment .
- Potential conflicts: Limited partner interests in Greenlight Funds (affiliated with DME Advisors, advisor to SILP) create perceived interlock risk, though independence was affirmatively determined and no special fee benefits accrue to him; continued Audit Committee oversight of related-party arrangements is a mitigating factor .
- RED FLAGS:
- Pledging of 16,000 GLRE shares, which the insider trading policy generally prohibits (grandfathered pledges excepted); pledging can reduce alignment and introduces potential forced-selling risk in stress scenarios .
- Fund affiliation optics: LP interests with Greenlight Funds amidst GLRE’s investment relationships with DME Advisors/SILP may raise investor perception risk despite formal independence determinations and policy safeguards .
Overall, Mr. Isaacs’ investment acumen and committee engagement are positives for board oversight and strategy, but the share pledge and fund affiliations warrant continued monitoring by investors for alignment and conflict optics .