ATLANTIC AMERICAN CORP — Director's Dealing 2007

May 3, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2007-05-01

Reporting Person: ELSON EDWARD E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-01	Common Stock	P	1000	$2.68	Acquired	1000	Direct
2007-05-01	Common Stock	A	1127	—	Acquired	21346	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-01	Option to Buy	$2.68	D	1000	Disposed	2007-05-07	Cmn Stk (1000)	Direct

Footnotes

F1: Represents 1127 shares of restricted stock that were awarded pursuant to the Company's 2002 Incentive Plan. No consideration is required to be paid by recipient.

F2: Mr. Elson has an indirect ownership interest in 20219 shares owned by EEE Investments Limited Partnership, for which Mr. Elson is a general partner.