Ismay is a name, meaning ‘esteemed’ or ‘beloved’. It is said to be derived from ‘aestimatus’ meaning esteemed, or ‘amatus’ meaning loved. It may be derived from the name ‘Esme’. However one reference has been found that says otherwise: Unusual old germanic compound name possibly meaning ice or iron maiden. In use since the 13th cntury in England (spelled variously Ysemay, Isemay, Ysmay and Isamaya), Ismay is possibly related to the name Ismenia. Source: Babynamewizard.com.