Greenlight Capital Re Insider Trims Stake by 10% in $15 Share Sale

Rhea-AI Filing Summary

Greenlight Capital Re (NASDAQ:GLRE) director Ian Isaacs filed a Form 4 reporting the open-market sale of 13,000 ordinary shares on 25 June 2025 at a weighted-average price of $14.9227, for proceeds of roughly $195 thousand.

The transaction equals about 9.7 % of Isaacs’ 134,484-share position before the sale. Following the disposition, he holds 71,484 shares directly and 50,000 shares indirectly through a living trust and IRA, totaling 121,484 shares.

No derivative trades or 10b5-1 plan were disclosed, and the transaction code “S” confirms an open-market sale. Investors often view insider selling of this magnitude as a modest negative sentiment indicator.

Positive

• None.

Negative

• Director insider sale: Ian Isaacs sold 13,000 GLRE shares (~$195 k), trimming his beneficial ownership by ~10 % via an open-market transaction.

Insights

Portfolio Manager

Director trims 13k shares (~10% stake); mild but clear negative signal.

The sale is material under SEC thresholds, as it exceeds 5 % of Isaacs’ total holdings and totals nearly $195 k in value. While not large enough to suggest urgent liquidity needs, disposing of one-tenth of a position in a single open-market trade can hint at tempered conviction in near-term upside. The lack of a 10b5-1 plan means timing discretion rested with the insider, amplifying interpretive weight. Remaining ownership of 121,484 shares shows he still has meaningful exposure, which tempers the bearish read-through. From a portfolio perspective, I view the event as a modest negative worth monitoring, especially if additional sales follow.

Corporate Governance Analyst

Open-market sale without 10b5-1 heightens perception risk.

Transaction code “S” confirms discretionary selling rather than a pre-scheduled 10b5-1 plan, leaving room for market-timing speculation. Although the dollar amount is moderate, the 9.7 % reduction exceeds the 5 % materiality bar for insider trades, warranting investor attention. No accompanying disclosure explains strategic, tax or diversification motives. Such opacity can weigh on governance optics, particularly when conducted by a board member tasked with overseeing shareholder interests. Continuous monitoring of subsequent filings is recommended; a pattern of additional sales could signal waning board-level confidence. Absent further context, the governance read-through leans negative.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Isaacs Ian

(Last) (First) (Middle)

65 MARKET STREET, SUITE 1207,

CAMANA BAY, P.O. BOX 31110,

(Street)

GEORGE TOWN E9 KY11205

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GREENLIGHT CAPITAL RE, LTD. [ GLRE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
ORDINARY SHARES	06/25/2025		S		13,000	D	$14.9227(1)	71,484	D
ORDINARY SHARES								25,000	I	By Isaacs Living Trust
ORDINARY SHARES								25,000	I	By Ian Isaacs IRA

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average purchase price. These shares were sold in multiple trades at prices ranging from $14.9101 to $14.9236, inclusive. The Reporting Person hereby undertakes to provide upon request to the SEC staff, Greenlight Capital Re, Ltd., or any security holders of Greenlight Capital Re, Ltd., full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

	/s/ Sherry Diaz, as attorney in fact	06/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many shares did [[GLRE]] director Ian Isaacs sell on 25 June 2025?

He disposed of 13,000 ordinary shares.

What was the average sale price of the [[GLRE]] shares reported?

The weighted-average price was $14.9227, with individual trades ranging from $14.9101 to $14.9236.

What portion of his holdings did the 13,000-share sale represent?

The sale equaled approximately 9.7 % of his 134,484-share position prior to the transaction.

How many [[GLRE]] shares does Ian Isaacs own after the sale?

He now holds 71,484 shares directly and 50,000 shares indirectly, totaling 121,484 shares.

Was the transaction executed under a 10b5-1 trading plan?

No. The filing lists Transaction Code S, indicating an open-market sale without a disclosed 10b5-1 plan.