ATLANTIC AMERICAN CORP — Director's Dealing 2007

Jan 26, 2007

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2006-12-31

Reporting Person: ROBINSON HARRIETT J (Director, 10% Owner, Trustee under Rule 16a-8)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-30	Series D Preferred Stock	$3.99	P	70000	Acquired		Cmn Stk (1754385)	Indirect

Footnotes

F1: The Series D Preferred Stock is convertible into common stock at a pre share price of $3.99, subject to certain anti-dilution provisions, provided that in no case may the conversion price be less than $2.59 per share without the prior approval of the Company's shareholders.

F2: The Series D Preferred Stock was convertible into common stock upon issuance and has no expiration date.