ATLANTIC AMERICAN CORP — Director's Dealing 2005

Apr 22, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2005-04-20

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-04-20	Common Stock	P	1000	$2.6875	Acquired	8544378	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-04-20	Option to Buy	$2.6875	D	1000	Disposed	2005-05-02	Cmn Stk (1000)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	750427	Direct
Common Stock	15113	Indirect
Common Stock	300000	Indirect
Common Stock	946702	Indirect
Common Stock	3414502	Indirect

Footnotes

F1: Mr. Robinson also has an indirect ownership interest in 15113 shares held in a 401(k) Plan based on the most recent plan statement.

F2: Mr. Robinson also has an indirect ownership interest in 3414502 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 8544378 shares, of which 557410 are owned directly by his spouse; 6720 shares held by spouse, jointly with grandson; 3953256 shares held directly by Trust for daughter, Robin Robinson, with spouse as Trustee; and, 4026992 shares held directly by Trust for daughter, Jill Robinson, with spouse as Trustee, all of which Mr. Robinson expressly disclaims beneficial ownership of such securities.

F4: 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.