ATLANTIC AMERICAN CORP — Director's Dealing 2005

Apr 26, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2005-04-26

Reporting Person: RIDDLE D RAYMOND (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-04-26	Common Stock	M	1000	$2.6875	Acquired	119983	Direct
2005-04-26	Common Stock	S	882	$3.05	Disposed	119101	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-04-26	Option to Buy	$2.6875	M	1000	Disposed	2005-05-02	Cmn Stk (2000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	600	Indirect

Footnotes

F1: Mr. Riddle also has an indirect ownership interest in 600 shares owned by his spouse, for which Mr. Riddle expressly disclaims beneficial ownership of such securities.

F2: Mr. Riddle 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.