ATLANTIC AMERICAN CORP — Director's Dealing 2005

Sep 26, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2005-09-22

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-09-22	Common Stock	A	9700	$2.697	Acquired	3442804	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	777420	Direct
Common Stock	15540	Indirect
Common Stock	300000	Indirect
Common Stock	946702	Indirect
Common Stock	8571371	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option to Buy	$		Cmn Stk ()	2000	Indirect

Footnotes

F1: Mr. Robinson also has an indirect ownership interest in 15540 shares held in a 401(k) Plan based on the most recent plan statement.

F2: Mr. Robinson also has an indirect ownership interest in 3442804 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.

F3: Mr. Robinson also has an indirect ownership interest in options to acquire 2000 shares of common stock granted under the Company's 1996 Non-Employee Director Stock Option Plan at exercise prices ranging from $1.90 to $2.68 held by his wife.