ATLANTIC AMERICAN CORP — Director's Dealing 2008

May 8, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2008-05-06

Reporting Person: ELSON EDWARD E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-05-06	Common Stock	A	2608	—	Acquired	23954	Direct

Footnotes

F1: Represents 2608 shares of restricted stock that were awarded pursuant to the Company's 2002 Incentive Plan. No consideration is required to be paid by the recipient.

F2: Represents change from an indirect ownership interest of 21346 shares owned by EEE Investments Limited Partnership, of which Mr. Elson is a general partner, to a direct ownership interest by Mr. Elson of 21346 shares.