ATLANTIC AMERICAN CORP — Director's Dealing 2006

May 23, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2006-05-15

Reporting Person: WHALEY WILLIAM H (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-15	Common Stock	P	1000	$1.90	Acquired	31219	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-15	Option to Buy	$1.90	D	1000	Acquired	2006-05-15	Cmn Stk (1000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6000	Indirect

Footnotes

F1: Dr. Whaley also has an indirect ownership interest in 6000 shares owned by his spouse as custodian for their daughter, for which Dr. Whaley expressly disclaims beneficial ownership of such securities.

F2: Dr. Whaley also holds options to acquire 1000 shares of common stock granted under the Company's 1996 Non-Employee Director Stock Option Plan at an exercise price of $2.68.