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

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	655576	Direct
Common Stock	6720	Direct
Common Stock	3756746	Indirect
Common Stock	3953256	Indirect
Common Stock	4088792	Indirect
Common Stock	2586844	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 correcting a clerical error in the previously reported stock holdings of the reporting person, which clerical error resulted in the inclusion in prior Section 16 filings of 392 shares of common stock not owned by the reporting person.

F2: Mrs. Robinson has beneficial ownership of 6720 shares owned jointly with her grandson.

F3: This Form 5 is correcting 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.

F4: Mrs. Robinson has an indirect ownership interest in 3756746 shares owned by Gulf Capital Services ("Gulf Capital"), an entity in which her spouse individually holds a 24% interest, with the remaining interests in Gulf Capital being held in equal amounts by Trusts for the benefit of the reporting person's daughters, with the reporting person as Trustee.

F5: Mrs. Robinson has an indirect ownership interest in 3953256 shares held by her as Trustee in trust for her daughter, Robin Robinson, over which Mrs. Robinson expressly disclaims beneficial ownership.

F6: Mrs. Robinson has an indirect ownership interest in 4088792 shares held by her as Trustee in trust for her daughter, Jill Robinson, over which Mrs. Robinson expressly disclaims beneficial ownership.

F7: Mrs. Robinson also has an indirect ownership interest in 2586844 shares, of which 923035 shares are held by her spouse; 1363809 shares are held by Delta Life Insurance Company; and, 300000 shares are held by Delta Fire & Casualty Insurance Company, over all of which Mrs. Robinson expressly disclaims any beneficial ownership. Mrs. Robinson's spouse maintains a controlling interest in both Delta Life Insurance Company and Delta Fire & Casualty Insurance Company.

F8: 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 and Mrs. Robinson disclaims beneficial ownership of such shares.

F9: The Series D Preferred Stock was convertible into common stock upon issuance and has no expiration date.