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: FISCHER HAROLD K (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-01	Common Stock	A	1127	—	Acquired	1346666	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option to Buy	$		Cmn Stk (1000)	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. Fischer 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 of $2.68.