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 J MACK (Director, Chairman, 10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	897955	Direct
Common Stock	18976	Indirect
Common Stock	300000	Indirect
Common Stock	1363809	Indirect
Common Stock	3756646	Indirect
Common Stock	8675996	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series D Preferred Stock	$		Cmn Stk (1754385)	70000	Indirect

Footnotes

F1: Mr. Robinson also has an indirect ownership interest in 18976 shares held in a 401(k) Plan based on the most recent plan statement.

F2: Mr. Robinson also has an indirect ownership interest in 3756646 shares owned by Gulf Capital Services, for which Mr. Robinson holds a 24% interest in the Partnership. The remaining partnerships are held in equal shares by Trust for benefit of Mr. Robinson's daughters, with Mr. Robinson's spouse as Trustee. Mr. Robinson disclaims beneficial ownership for 76% of the securities held by Gulf Capital Services, representing the Trusts' proportionate partnership interest.

F3: Mr. Robinson also has an indirect ownership interest in 8675996 shares, of which 627228 are owned directly by his spouse; 6720 shares held by spouse, jointly with grandson; 3953256 shares held directly by Trust for daughter, Robin Robinson, with spouse as Trustee; and, 4088792 shares held directly by Trust for daughter, Jill Robinson, with spouse as Trustee, all of which Mr. Robinson expressly disclaims beneficial ownership of such securities.

F4: 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.

F5: The Series D Preferred Stock was convertible into common stock upon issuance and has no expiration date.