ATLANTIC AMERICAN CORP — Director's Dealing 2004

Oct 28, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2004-10-26

Reporting Person: ROBINSON J MACK (Director, Chairman, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-10-26	Common Stock	A	3333	—	Acquired	750427	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	14707	Indirect
Common Stock	300000	Indirect
Common Stock	946702	Indirect
Common Stock	3414502	Indirect
Common Stock	8543378	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option to Buy	$		Cmn Stk (3000)	3000	Indirect

Footnotes

F1: Represents 3333 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. Robinson also has an indirect ownership interest in 14707 shares held in a 401(k) Plan based on a plan statement as of September 30, 2004.

F3: Mr. Robinson also has an indirect ownership interest in 3414502 shares owned by Gulf Capital Services, for which Mr. Robinson holds a 24% interest in the Partnership. The remaining partnerships are held in equal shares by Trust for benefit of Mr. Robinson's daughters, with Mr. Robinson's spouse as Trustee. Mr. Robinson disclaims beneficial ownership for 76% of the securities held by Gulf Capital Services, representing the Trusts' proportionate partnership interest.

F4: Mr. Robinson also has an indirect ownership interest in 8543378 shares, of which 556410 are owned directly by his spouse; 6720 shares held by spouse, jointly with grandson; 3953256 shares held directly by Trust for daughter, Robin Robinson, with spouse as Trustee; and, 4026992 shares held directly by Trust for daughter, Jill Robinson, with spouse as Trustee, all of which Mr. Robinson expressly disclaims beneficial ownership of such securities.

F5: Mr. Robinson also has an indirect ownership interest in options to acquire 3000 shares of common stock granted under the Company's 1996 Non-Employee Director Stock Option Plan at exercise prices ranging from $1.90 to $2.6875 held by his wife.