ATLANTIC AMERICAN CORP — Director's Dealing 2004

May 6, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2004-05-04

Reporting Person: ROBINSON HARRIETT J (Director, 10% Owner, Trustee under Rule 16a-8)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-04	Common Stock	J	2400.0000	$2.5000	Acquired	547785.0000	Direct
2004-05-04	Common Stock	J	2400.0000	$2.5000	Acquired	747094.0000	Indirect

Footnotes

F1: Mrs. Robinson has a direct ownership of 547785 shares. Mrs. Robinson has an indirect ownership interest in 13428 shares in a 401(k) Plan based on a plan statement as of March 31, 2004, owned by Mr. Robinson and for which Mrs. Robinson expressly disclaims beneficial ownership. Mrs. Robinson also has a direct ownership of 6720 shares owned jointly with her grandson. Mrs. Robinson also has an indirect ownership interest in 1993796 shares, of which 747094 shares are held by spouse; 946702 shares are held by Delta Life Ins. Co.; and, 300000 shares are held by Delta Fire & Casualty Ins. Co., all of which Mrs. Robinson expressly disclaims any beneficial ownership of such securities.

F2: Mrs. Robinson also has an indirect ownership interest in 3414502 shares owned by Gulf Capital Services for which her spouse individually holds a 24% interest in the Partnership, with the remaining partnerships held in equal shares by Trust for the benefit of the reporting person's daughters, with the reporting person as Trustee.

F3: Mrs. Robinson also has an indirect ownership interest in 3953256 shares held by self as Trustee for daughter, Robin Robinson, securities held directly by Trust, for which Mrs. Robinson expressly disclaims beneficial ownership of such securities. Mrs. Robinson also has an indirect ownership interest in 4026992 shares held by self as Trustee for daughter, Jill Robinson, securities held directly by Trust, for which Mrs. Robinson expressly disclaims beneficial ownership of such securities. Mrs. Robinson also has a direct 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.

F4: Represents 2400 shares of restricted stock that were awarded pursuant to the Company's 2002 Incentive Plan. No consideration is required to be paid by participant.