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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-04	Common Stock	J	2400.0000	$2.5000	Acquired	173900.0000	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. Howell also has an indirect ownership interest in 33478 shares held in a 401(k) Plan based on a plan statement as of March 31, 2004. 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 hels 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 expressly disclaims beneficial ownership in such securities.

F3: Mr. Howell also holds employee stock options to acquire 100000 shares of common stock granted under the Company's 1992 Incentive Plan at an exercise price of $1.25 and 100000 shares of common stock granted under the Company's 2002 Incentive Plan at an exercise price of $1.59.