ATLANTIC AMERICAN CORP — Director's Dealing 2005

Mar 24, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2005-02-28

Reporting Person: HOWELL HILTON H JR (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-28	Common Stock	A	20000	—	Acquired	197233	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	34368	Indirect
Common Stock	39025	Indirect
Common Stock	2175	Indirect
Common Stock	6720	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option to Buy	$		Cmn Stk (200000)	200000	Direct

Footnotes

F1: Represents a lapse of forfeiture provisions with respect to 20000 shares of common stock previously awarded pursuant to the Company's 1992 Incentive Plan.

F2: Mr. Howell has an indirect ownership interest in 34368 shares held in a 401(k) Plan based on his most recent plan statement.

F3: Mr. Howell has an indirect ownership interest in 39025 shares of which 1025 shares are held directly by his spouse; 6000 shares are held F/B/O his daughter, Alston Elizabeth Howell, with his spouse, as Custodian; 7000 shares are held F/B/O his son, Hilton Hatchett Howell, III, with his spouse as Custodian; 12500 shares are held F/B/O his daughter, Anna Louise Howell, with his spouse as Custodian; and 12500 shares are held F/B/O his daughter, Julia Bailey Howell, with his spouse as Custodian, as to which Mr. Howell expressly disclaims beneficial ownership.

F4: Mr. Howell also has an indirect ownership interest in 2175 shares held directly by Mr. Howell's spouse in an IRA account as to which Mr. Howell expressly disclaims beneficial ownership.

F5: Mr. Howell also has an indirect ownership interest in 6720 shares owned jointly by his son with Harriett J. Robinson as to which Mr. Howell expressly disclaims beneficial ownership.

F6: Mr. Howell also holds employee stock options to acquire 100000 shares of common stock granted under the Company's 1992 Incentive Plan at an exercise price of $1.25 and 100000 shares of common stock granted under the Company's 2002 Incentive Plan at an exercise price of $1.59, each as previously reported.