ATLANTIC AMERICAN CORP — Director's Dealing 2009

Jan 29, 2009

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2008-12-31

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

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	627228	Direct
Common Stock	6720	Direct
Common Stock	18976	Indirect
Common Stock	3756646	Indirect
Common Stock	3953256	Indirect
Common Stock	4088792	Indirect
Common Stock	2561764	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series D Preferred Stock	$		Cmn Stk (1754385)	7000	Indirect

Footnotes

F1: Mrs. Robinson also has a direct ownership of 6720 shares owned jointly with her grandson.

F2: Mrs. Robinson has an indirect ownership interest in 18976 shares in a 401(k) Plan based on the most recent plan statement, owned by Mr. Robinson and for which Mrs. Robinson expressly disclaims beneficial ownership.

F3: Mrs. Robinson also has an indirect ownership interest in 3756646 shares owned by Gulf Capital Services for which her spouse individually holds a 24% interest in the Partnership, with the remaining partnerships held in equal shares by Trust for the benefit of the reporting person's daughters, with the reporting person as Trustee.

F4: Mrs. Robinson also has an indirect ownership interest in 3953256 shares held by self as Trustee for daughter, Robin Robinson, securities held directly by Trust, for which Mrs. Robinson expressly disclaims beneficial ownership of such securities.

F5: Mrs. Robinson also has an indirect ownership interest in 4088792 shares held by self as Trustee for daughter, Jill Robinson, securities held directly by Trust, for which Mrs. Robinson expressly disclaims beneficial ownership of such securities.

F6: Mrs. Robinson also has an indirect ownership interest in 2561764 shares, of which 897955 shares are held by spouse; 1363809 shares are held by Delta Life Ins. Co.; and, 300000 shares are held by Delta Fire & Casualty Ins. Co., all of which Mrs. Robinson expressly disclaims any beneficial ownership of such securities.

F7: 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.

F8: The Series D Preferred Stock was convertible into common stock upon issuance and has no expiration date.