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: THOMPSON SCOTT G (Director, Pres. & CEO Am. Sou. Ins. Co.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-01	Common Stock	A	1127	—	Acquired	28346	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option to Buy	$		Cmn Stk (80000)	80000	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. Thompson also holds employee stock options to acquire 65000 shares of common stock granted under the Company's 1992 Incentive Plan at an exercise price of $1.25, and stock options to acquire 15000 shares of common stock granted under the Company's 2002 Incentive Plan at an exercise price of $1.59.