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: WHALEY WILLIAM H (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-05-06	Common Stock	A	2608	—	Acquired	35954	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6000	Indirect

Footnotes

F1: Dr. Whaley has an indirect ownership interest in 6000 shares owned by his spouse as custodian for their daughter, for which Dr. Whaley expressly disclaims beneficial ownership of such securities.

F2: 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 recipient.