ATLANTIC AMERICAN CORP — Director's Dealing 2011

Feb 14, 2011

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2010-12-31

Reporting Person: ROBINSON J MACK (Director, 10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	923035	Direct
Common Stock	300000	Indirect
Common Stock	1363809	Indirect
Common Stock	3756746	Indirect
Common Stock	8704344	Indirect

Holdings (Derivative)

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

Footnotes

F1: This Form 5 is being filed solely to correct a clerical error in the previously reported stock holdings of the reporting person, which clerical error resulted in the omission of 100 shares of the Company's common stock from the reporting person's prior Section 16 filings.

F2: Mr. Robinson has an indirect ownership interest in 3756746 shares owned by Gulf Capital Services ("Gulf Capital"), an entity in which Mr. Robinson holds a 24% interest. The remaining interest in Gulf Capital is held in equal amounts by Trusts for the benefit of Mr. Robinson's two daughters, with Mr. Robinson's spouse as Trustee. Mr. Robinson disclaims beneficial ownership in the 76% of the Company's common stock held by Gulf Capital, representing the Trusts' proportionate interest therein.

F3: Mr. Robinson has an indirect ownership interest in 8704344 shares, of which 655576 are owned directly by his spouse; 6720 shares held by his spouse, jointly with his grandson; 3953256 shares are held directly by a Trust for his daughter, Robin Robinson, with Mr. Robinson's spouse as Trustee; and, 4088792 shares are held directly by a Trust for his daughter, Jill Robinson, with Mr. Robinson's spouse as Trustee. Mr. Robinson expressly disclaims beneficial ownership of all of such securities.

F4: The Series D Preferred Stock is convertible into common stock at a per 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. Such shares are owned by Delta Life Insurance Company, an entity in which Mr. Robinson maintains a controlling interest.

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