ATLANTIC AMERICAN CORP — Director's Dealing 2005

Apr 25, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2005-04-25

Reporting Person: ELSON EDWARD E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-04-25	Common Stock	P	1000	$2.6875	Acquired	15233	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-04-25	Option to Buy	$2.6875	D	1000	Disposed	2005-05-02	Cmn Stk (1000)	Direct

Footnotes

F1: Mr. Elson has an indirect ownership interest in 15233 shares owned by EEE Investments Limited Partnership, for which Mr. Elson is a general partner.

F2: Mr. Elson 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.