ATLANTIC AMERICAN CORP — Director's Dealing 1999

Jan 11, 1999

------------------------------ OMB APPROVAL ------------------------------ OMB Number Expires: Estimated average burden hours per response ....... 0.5 ------------------------------ U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 [ ] Check this box if no longer subject of Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). ================================================================================ 1. Name and Address of Reporting Person* Robinson J. Mack - -------------------------------------------------------------------------------- (Last) (First) (Middle) 4370 Peachtree Road, NE - -------------------------------------------------------------------------------- (Street) Atlanta GA 30319-3000 - -------------------------------------------------------------------------------- (City) (State) (Zip) ================================================================================ 2. Issuer Name and Ticker or Trading Symbol Atlantic American Corporation - AAME ================================================================================ 3. IRS or Social Security Number of Reporting Person (Voluntary) ###-##-#### ================================================================================ 4. Statement for Month/Year November, 1998 ================================================================================ 5. If Amendment, Date of Original (Month/Year) ================================================================================ 6. Relationship of Reporting Person to Issuer (Check all applicable) [ X ] Director [ X ] 10% Owner [ X ] Officer (give title below) [ ] Other (specify below) Chairman ================================================================================ 7. 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 ================================================================================

• If the Form is filed by more than one Reporting Person, see Instruction 4(b)(v). Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Page 1 of 2 FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================

Explanation of Responses: *** Beneficial ownership of securities marked by *** expressly disclaimed. (1) Information herein based on plan statement as of April 6, 1998. (2) Includes 204,585 shares held directly by spouse; 6,720 shares held by spouse, jointly with grandson; 3,893,256 shares held directly by Trust for daughter, Robin Robinson with spouse as Trustee; and 3,938,492 shares held directly by Trust for daughter, Jill Robinson with spouse as Trustee. (3) Reporting person individually holds a 24% interest in partnership. The remaining partnerships are held in equal shares by Trust for benefit of the reporting person's daughters, with the reporting person's spouse as Trustee. The reporting person disclaims beneficial ownership for 76% of the securities held by Gulf Capital Services, representing the Trusts' pro- portionate partnership interest. (4) Options to buy 100,000 shares Common Stock, exempt under Rule 16b-3, of which 50% were exercisable on 10/27/98; an additional 25% are exercisable 10/27/99; and the remaining 25% are exercisable on 10/27/00, granted under the Atlantic American Corporation 1992 Incentive Plan. (5) On 12/31/98 Conv. Pfd. Stock was redeemed by the issuer pursuant to their terms: 10,000 shares for $1.0 million and 20,000 for 469,760 shares of common stock. (6) Includes -0- shares held directly by spouse; 10,000 shares held directly by Trust for daughter, Robin Robinson, with spouse as Trustee; and 10,000 shares held directly by Trust for daughter, Jill Robinson, with spouse as Trustee. (7) Granted pursuant to the Company's 1996 Director Stock Option Plan at option prices ranging from $3.00 to $4.4375. /s/ 1/9/99 - --------------------------------------------- ----------------------- **Signature of Reporting Person Date ** 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 provided is insufficient, see Instruction 6 for procedures. Alternatively, this Form is permitted to be submitted to the Commission in electronic format at the option of the reporting person pursuant to rule 101(b)(4) of Regulation S-T. Page 2 of 2 (122797DTI)