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: HOWELL HILTON H JR (Director, PRESIDENT & CEO)

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. Howell also has an indirect ownership interest in 22622 shares held in a 401(k) Plan based on a plan statement as of December 31, 2002. Mr. Howell also has an indirect ownership interest in 39025 shares for which 1025 shares are held directly by spouse; 6000 shares held F/B/O daughter, Alston Elizabeth Howell, with spouse as Custodian; 7000 shares held F/B/O, son, Hilton Hatchett Howell, III, with spouse as Custodian; 12500 shares held F/B/O daughter, Anna Louise Howell, with spouse as custodian; and 12500 shares sheld F/B/O daughter, Julia Bailey Howell, with spouse as custodian, all for which Mr. Howell expressly disclaims beneficial ownership of such securities. Mr. Howell also has an indirect ownership interest in 6720 shares owned jointly by his son with Harriett J. Robinson for which Mr. Howell express disclaims beneficial ownership in such securities. Mr. Howell also holds employee stock options to acquire 200000 shares of common stock granted under the Company's 1992 Incentive Plan at exercise prices ranging from $1.25 to $3.75.