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: THOMPSON SCOTT G (Director, Pres. & CEO Am. Sou. Ins. Co.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-04	Common Stock	J	2400.0000	$2.5000	Acquired	9900.0000	Direct

Footnotes

F1: 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 recipient.

F2: Mr. Thompson also holds employee stock options to acquire 65000 shares of common stock granted under the Company's 1992 Incentive Plan at an exercise price of $1.25, and stock options to acquire 15000 shares of common stock granted under the Company's 2002 Incentive Plan at an exercise price of $1.59.