ATLANTIC AMERICAN CORP — Director's Dealing 2005

May 4, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2005-05-02

Reporting Person: HUDGINS SAMUEL E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-02	Common Stock	A	1993	—	Acquired	14226	Direct

Holdings (Derivative)

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

Footnotes

F1: Represents 1993 shares of restricted stock that were awarded pursuant to the Company's 2002 Incentive Plan. No consideration is required t be paid by recipient.

F2: Mr. Hudgins also holds 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.