ATLANTIC AMERICAN CORP — Director's Dealing 2003

May 8, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2003-05-06

Reporting Person: THOMPSON SCOTT G (Director, PRES&CFO SUB AMER SOU INS CO)

Footnotes

F1: Represents 3,773 shares of restricted stock that were awarded pursuant to the Company's 2002 Incentive Plan. No consideration is required to be paid by recipient.

F2: Mr. Thompson also holds employee stock options to acquire 90000 shares of common stock granted under the Company's 1992 Incentive Plan at exercise prices ranging from $1.25 to $3.75.