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: FISCHER HAROLD K (Director)

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. Fischer also has direct ownership interest in 1329320 shares held jointly with spouse. Mr. Fischer also holds options to acquire 6000 shares of common stock granted under the Company's 1996 Non-Employee Director Stock Option Plan at exercise prices ranging from $2.68 to $4.0625.