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: ELSON EDWARD E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-04	Common Stock	J	2400.0000	$2.5000	Acquired	10900.0000	Indirect

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. Elson has an indirect ownership interest in 10900 shares owned by EEE Investments Limited Partnership, for which Mr. Elson is a general partner. Mr. Elson also holds 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.