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: RIDDLE D RAYMOND (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-15	Common Stock	P	1000	$1.90	Acquired	124087	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	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 1000 shares of common stock granted under the Company's 1996 Non-Employee Director Stock Option Plan at an exercise price of $2.68.