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: 2007-03-15

Reporting Person: ROBINSON J MACK (Director, Chairman, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-01	Common Stock	A	1127	—	Acquired	878847	Direct
2007-03-15	Common Stock	J	28652	$3.69	Acquired	3561659	Indirect
2007-05-01	Common Stock	A	1127	—	Acquired	8662479	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	17686	Indirect
Common Stock	300000	Indirect
Common Stock	946702	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option to Buy	$		Cmn Stk ()	1000	Indirect

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. Robinson also has an indirect ownership interest in 17686 shares held in a 401(k) Plan based on the most recent plan statement.

F3: Mr. Robinson also has an indirect ownership interest in 3490144 shares owned by Gulf Capital Services, for which Mr. Robinson holds a 24% interest in the Partnership. The remaining partnerships are held in equal shares by Trust for benefit of Mr. Robinson's daughters, with Mr. Robinson's spouse as Trustee. Mr. Robinson disclaims beneficial ownership for 76% of the securities held by Gulf Capital Services, representing the Trusts' proportionate partnership interest. On February 22, 2007, the Company declared a stock dividend payable to all holders of record of Series D Preferred Stock on March 15, 2007, of 0.61233 shares of common stock for each share of Series D Preferred Stock outstanding.

F4: Mr. Robinson also has an indirect ownership interest in 8663606 shares, of which 616838 are owned directly by his spouse; 6720 shares held by spouse, jointly with grandson; 3953256 shares held directly by Trust for daughter, Robin Robinson, with spouse as Trustee; and, 4086792 shares held directly by Trust for daughter, Jill Robinson, with spouse as Trustee, all of which Mr. Robinson expressly disclaims beneficial ownership of such securities.

F5: Mr. Robinson also has an indirect ownership interest in 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 held by his wife.