-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 SZyNSiinE5woFn8Y8CDl3IX3dHxJEAsfO/V+/ABZQ2bz8CCotKX+fjTaE1nXn7fa
 QTdlkivRfg2TDQjWXL/xRQ==

<SEC-DOCUMENT>0000008177-02-000038.txt : 20020627
<SEC-HEADER>0000008177-02-000038.hdr.sgml : 20020627
<ACCEPTANCE-DATETIME>20020627152628
ACCESSION NUMBER:		0000008177-02-000038
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20011231
FILED AS OF DATE:		20020627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ATLANTIC AMERICAN CORP
		CENTRAL INDEX KEY:			0000008177
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				581027114
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-03722
		FILM NUMBER:		02689075

	BUSINESS ADDRESS:	
		STREET 1:		4370 PEACHTREE RD NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30319
		BUSINESS PHONE:		4042665500

	MAIL ADDRESS:	
		STREET 1:		4370 PEACHTREE ROAD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30319
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>form_11kext1.txt
<DESCRIPTION>ATLANTIC AMERICAN CORPORATION
<TEXT>
<table>
<caption>
                                                <s>    <c>   <c>

                                                 SECURITIES AND EXCHANGE COMMISSION
                                                        Washington, D.C. 20549


                                                               Form 11-K
</table>
<table>
<caption>
<s>     <c>                                  <c>                <c>
         (Mark One)
 X       ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                                              For the fiscal year ended December 31, 2001

                                                                  OR

         TRANSACTION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

                                                     Commission file number 0-3722
                                                                            ------

A.       Full title of the plan and the address of the plan, if different from that of the issuer named below:

                                                     Atlantic American Corporation
                                                    401(k) Retirement Savings Plan

B.       Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

                                                     Atlantic American Corporation
                                                       4370 Peachtree Road, N.E.
                                                           Atlanta, GA 30319
</table>


<PAGE>

<table>
<caption>
<s>                                                       <c>

                                                           TABLE OF CONTENTS
                                                           -----------------

SIGNATURES
- ----------

Financial Statements and Schedules
- ----------------------------------

Consent of Gifford, Hillegass & Ingwersen, P.C.
- -----------------------------------------------
</table>


<PAGE>



SIGNATURES

THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.

<TABLE>
<caption>
                                                      <s>     <c>
                                                                Atlantic American Corporation
                                                                401(k) Retirement Savings Plan
                                                     -----------------------------------------------------
                                                     -----------------------------------------------------
                                                                        (Name of Plan)
</table>




Date: June 26, 2002
- -------------------
<table>
<caption>
                                                     <s>             <c>
                                                                     /s/ Hilton H. Howell
                                                     ------------------------------------------------------
                                                     ------------------------------------------------------
                                                                       Hilton H. Howell
                                                                       President and CEO
</table>


<PAGE>


Table of Contents
- -----------------

                          ATLANTIC AMERICAN CORPORATION
                         401(K) RETIREMENT SAVINGS PLAN


The following exhibits are filed herewith:

         Exhibit 1:        Financial Statements and Schedules as of December 31,
                           2001 and 2000 together with auditor's report.

         Exhibit 2:        Consent of Gifford , Hillegas & Ingwersen, P.C.























</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>form_11k.txt
<DESCRIPTION>EX-1 FINANCIAL STATEMENTS AND SCHEDULES
<TEXT>









                          ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

                 Financial Statements and Supplemental Schedule

                 For the Years Ended December 31, 2001 and 2000

                                      with
                         Report of Independent Auditors








<PAGE>


                          ATLANTIC AMERICAN CORPORATION
                             401(k) RETIREMENT PLAN

                                TABLE OF CONTENTS

                           December 31, 2001 and 2000

- --------------------------------------------------------------------------------


Independent Auditors' Report...................................................1

Statements of Net Assets Available for Benefits................................2

Statement of Changes in Net Assets Available for Benefits......................3

Notes to Financial Statements..................................................4

Supplemental Schedule:

      Schedule H, Line 4i:  Schedule of Assets Held for Investment Purposes









<PAGE>








                          INDEPENDENT AUDITORS' REPORT


     To the  Plan  Administrator  and Plan  Participants  of  Atlantic  American
     Corporation 401(k) Retirement Savings Plan:

     We have audited the  accompanying  statements  of net assets  available for
     benefits of the Atlantic American  Corporation  401(k)  Retirement  Savings
     Plan as of December 31, 2001,  and the related  statement of changes in net
     assets  available for benefits for the year ended December 31, 2001.  These
     financial  statements are the responsibility of the Plan's management.  Our
     responsibility is to express an opinion on these financial statements based
     on our audit.  The financial  statements of Atlantic  American  Corporation
     401(k)  Retirement  Savings  Plan as of December  31, 2000 were  audited by
     other  auditors,  whose report dated June 1, 2001  expressed an unqualified
     opinion on those statements.

     We conducted our audit in  accordance  with  auditing  standards  generally
     accepted in the United  States.  Those  standards  require that we plan and
     perform  the  audit  to  obtain  reasonable  assurance  about  whether  the
     financial statements are free of material  misstatement.  An audit includes
     examining, on a test basis, evidence supporting the amounts and disclosures
     in the financial  statements,  assessing the accounting principles used and
     significant  estimates  made by  management,  and  evaluating  the  overall
     financial  statement  presentation.  We believe  that our audit  provides a
     reasonable basis for our opinion.

     In our opinion,  the financial statements referred to above present fairly,
     in all  material  respects,  the net assets  available  for benefits of the
     Atlantic American Corporation 401(k) Retirement Savings Plan as of December
     31, 2001, and the changes in net assets available for benefits for the year
     then ended in conformity with accounting  principles  generally accepted in
     the United States.

     Our audit of the Plan's  financial  statements as of and for the year ended
     December  31, 2001 was  performed  for the purpose of forming an opinion on
     the basic financial statements taken as a whole. The supplemental  schedule
     listed in the index is presented for the purpose of additional analysis and
     is  not  a  required  part  of  the  basic  financial   statements  but  is
     supplementary  information  required by the Department of Labor's Rules and
     Regulations  for Reporting  and  Disclosure  under the Employee  Retirement
     Income   Security   Act  of  1974.   The   supplemental   schedule  is  the
     responsibility of the Plan's management.  The supplemental  information has
     been subjected to the auditing procedures applied in the audit of the basic
     financial  statements and, in our opinion, is fairly stated in all material
     respects in relation to the basic financial statements taken as a whole.

                                            GIFFORD, HILLEGASS & INGWERSEN, P.C.

     Atlanta, Georgia
     May 31, 2002

                                       1
<PAGE>


             ATLANTIC AMERICAN CORPORATION 401(k) RETIREMENT SAVINGS
                                      PLAN

                 STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

                 For the Years Ended December 31, 2001 and 2000

- --------------------------------------------------------------------------------




                                                 2001                2000
                                          ------------------  ------------------

Investments, at fair value                $      4,325,844  $        4,834,695


Cash                                                34,876               1,547


Participant Contributions Receivable                     -              28,721


Employer Contributions Receivable                        -              33,314
                                          ------------------  ------------------


     NET ASSETS AVAILABLE
         FOR PLAN BENEFITS                $      4,360,720  $        4,898,277
                                          ==================  ==================






              The accompanying notes are an integral part of these
                             financial statements.

                                       2

<PAGE>



             ATLANTIC AMERICAN CORPORATION 401(k) RETIREMENT SAVINGS
                                      PLAN

            STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

                      For the Year Ended December 31, 2001

- --------------------------------------------------------------------------------





Additions to Net Assets
     Investment income:
         Interest and dividend income                          $         107,510
                                                               -----------------

              TOTAL INVESTMENT INCOME                                    107,510

     Contributions:
         Participants                                                    442,959
         Company                                                         158,292
         Rollover                                                              -
                                                               -----------------

              TOTAL CONTRIBUTIONS                                        601,251
                                                               -----------------

              TOTAL ADDITIONS TO NET ASSETS                              708,761

Deductions from Net Assets
     Benefit payments to participants                                  (399,711)
     Net depreciation in fair market value of investments              (846,607)
                                                               -----------------

              TOTAL DEDUCTIONS                                       (1,246,318)
                                                               -----------------

Net Decrease in Benefits                                               (537,557)

Net Assets Available for Benefits at Beginning of Year                 4,898,277
                                                               -----------------

Net Assets Available for Benefits at End of Year               $       4,360,720
                                                               =================





              The accompanying notes are an integral part of these
                             financial statements.

                                       3

<PAGE>


             ATLANTIC AMERICAN CORPORATION 401(k) RETIREMENT SAVINGS
                                      PLAN

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2001 and 2000

- --------------------------------------------------------------------------------


NOTE 1--DESCRIPTION OF THE PLAN

The following description of the Atlantic American Corporation 401(k) Retirement
Savings  Plan (the "Plan")  provides  only  general  information.  Participating
members  ("Participants")  should refer to the Plan document for a more complete
description of the Plan's  provisions.  Information  with regard to eligibility,
contributions,  distributions,  vesting, withdrawals,  restoration,  loans, fund
redistribution,  and  definitions  of all terms are contained in that  document.

General: The Plan is a defined contribution plan available to all U.S. employees
of Atlantic American Corporation (the "Company").  All employees of the Company,
except collective bargaining employees, nonresident aliens, and leased employees
are eligible to  participate  on the first day of the upcoming  quarter in which
the  individual  became an employee of the  Company.  The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"),  as
amended.

Plan  Administration:  AMVESCAP  National  Trust Company (the  "Trustee") is the
Trustee of the Plan and has  custodial  responsibility  for the  Plan's  assets,
except for company  stock that is held by State  Street Bank and Trust  Company,
including the  authority and power to, among other things,  invest the principal
and income of the Plan's assets.

Contributions:  Participants  may elect to contribute in 1% increments up to 16%
of their  annual  compensation,  as  defined  by the Plan,  subject  to  certain
limitations  under  the  Internal  Revenue  Code  (the  "Code")  into any of the
investment  funds  offered  by the Plan.  A  participant  may  change his or her
deferral  percentage at any time,  however the changes take effect once a month.
Participants may also contribute amounts  representing  distributions from other
qualified  benefit  plans.  These   contributions  are  classified  as  rollover
contributions  in the  statement  of changes in net  assets  available  for plan
benefits for the year ended December 31, 2001.  The Company  provides a matching
contribution equal to a certain  percentage of the participant's  contributions.
For the year ended  December  31,  2001,  the  Company's  matching  contribution
equaled  50% of the first 6% of each  participant's  contribution.  All  Company
matching  contributions  are in Company common stock. A participant can elect to
transfer the Company  contributions  into another investment fund only after the
participant is fully vested in the Company matching contributions.

Vesting:  Participants are always fully vested in their own contributions.  Each
participant  becomes  vested  in the  company  contributions  based  on years of
continuous  service.  Effective  October 1, 2000,  the  vesting  percentage  for
company contributions was amended as follows:

                                       4


<PAGE>

            ATLANTIC AMERICAN CORPORATION 401(k) RETIREMENT SAVINGS
                                      PLAN

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2001 and 2000

- --------------------------------------------------------------------------------


NOTE 1--DESCRIPTION OF THE PLAN--Continued

                                               Prior to           Effective
                                              October 1,         October 1,
                                                 2000               2000
                                         ------------------  ------------------
Years of service:
         Less than one                              0%                 0%
         One                                       10                 20
         Two                                       20                 40
         Three                                     30                 60
         Four                                      40                 80
         Five                                      60                100
         Six                                       80                100
         Seven or more                            100                100

In addition, participants become fully vested upon retirement, death, or
disability.

Benefits: Upon termination of service due to death, disability,  retirement,  or
separation  from service,  a participant or his or her  beneficiary may elect to
receive an amount equal to the value of the participant's vested interest in his
or her account.  The form of payment,  selected by the participant or his or her
beneficiary, is either a lump-sum distribution, an annuity to be paid in monthly
installments over a fixed number of years, or a direct rollover into a qualified
retirement plan or individual retirement account.

Participant Accounts:  Individual accounts are maintained for each of the Plan's
participants   and   reflect   the   participant's    contributions,    employer
contributions,  and the  participant's  share of the  Plan's  investment  income
(loss).  Allocations  of income  (loss)  are based on the  proportion  that each
participant's  account  balance  bears to the total of all  participant  account
balances and their investment elections.

Investment Options:  Participants may direct their contributions and any related
earnings into several  investment  options in 1%  increments.  Participants  may
change their investment  elections at any time. The participants in the Plan can
invest in any of the following investment options:

         Atlantic American Corporation Common Stock - Funds are invested in
         common stock of the Company.



                                       5

<PAGE>
            ATLANTIC AMERICAN CORPORATION 401(k) RETIREMENT SAVINGS
                                      PLAN

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2001 and 2000

- --------------------------------------------------------------------------------



NOTE 1--DESCRIPTION OF THE PLAN--Continued

     INVESCO  Cash  Reserves  Fund - Mutual  fund  that  invests  in  short-term
     obligations,  such as commercial  paper,  U.S.  government  and  government
     agency obligations,  and repurchase agreements.

     INVESCO  Core  Equity Fund - Mutual  fund that  invests in  dividend-paying
     common and  preferred  stocks of large U.S.  companies  and in  convertible
     bonds, debt issues, and preferred stocks.

     INVESCO  Select  Income Fund - Mutual fund that invests  primarily in bonds
     and marketable debt securities of established companies.

     INVESCO  Balanced  Fund - Mutual fund that invests in common  stocks and in
     fixed  income   securities,   including   preferred   stocks,   convertible
     securities, and bonds.

     INVESCO  Dynamics  Fund - Mutual  fund that  invests  in  common  stocks of
     mid-sized   companies   in  addition  to  preferred   stocks,   convertible
     securities, and bonds.

     INVESCO  Small  Company   Growth  Fund  -  Mutual  fund  which  invests  in
     small-capitalization companies in the developing stage.

     IRT 500 Index Fund - Funds are invested in a collective trust that seeks to
     provide  total  returns  that closely  replicate  those of the Standard and
     Poor's 500 composite index.

     AIM Basic Value Fund - Mutual fund that invests in under-valued securities,
     investment-grade    nonconvertible   debt   securities,   U.S.   government
     securities, high-quality money market instruments, and foreign securities.

     Janus  Twenty Fund - Mutual fund that invests  primarily  in common  stocks
     selected for long-term growth potential.

     Janus Advisor Worldwide Fund - Mutual fund that invests primarily in common
     stocks of companies of any size located throughout the world.

Investment  securities,  in  general,  are exposed to various  risks,  including
interest rate,  credit, and overall market volatility risks. Due to the level of
risk associated with certain investment  securities,  it is reasonably  possible
that changes in the values of investment  securities will occur in the near term
and that such  changes  could  materially  affect the  amounts  reported  in the
statements of net assets available for plan benefits.


                                       6

<PAGE>

            ATLANTIC AMERICAN CORPORATION 401(k) RETIREMENT SAVINGS
                                      PLAN

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2001 and 2000

- --------------------------------------------------------------------------------

NOTE 1--DESCRIPTION OF THE PLAN--Continued

Forfeitures: Amounts forfeited from nonvested accounts are used to reduce future
employer contributions.

Participant Loans: Participants may borrow from their fund accounts a minimum of
$1,000 up to a maximum  equal to the lesser of  $50,000  or 50% of their  vested
account  balance.  Participants  may elect to have their  loans  disbursed  from
specific  investment  funds.  Loan terms  range from six months to five years or
within a reasonable  time if used for the purchase of a primary  residence.  The
loans are secured by the vested value of the  participants'  account balance and
bear  interest  at the prime rate of  interest  on the date of the loan plus 1%.
Principal and interest are paid ratably through  payroll  deductions of not less
than $10 per pay period or in a single lump sum.

Administrative  Expenses:  The Company pays all  administrative  expenses of the
Plan, including trustee fees.


NOTE 2--ACCOUNTING POLICIES

Basis of Accounting:  The accompanying  financial  statements have been prepared
using the accrual basis of accounting.

Use of Estimates: The preparation of the financial statements in conformity with
accounting   principles   generally  accepted  in  the  United  States  requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial  statements and the reported
additions and  deductions  during the  reporting  period.  Actual  results could
differ from those estimates.

Valuation of Investments:  All investments are stated at fair value.  Securities
traded on national  securities  exchanges  are valued at the closing  price on a
daily  basis.   Investments  traded  in  over-the-counter   markets  and  listed
securities  for which no sale was  reported  on that date are valued at the last
reported  bid price.  Purchases  and sales of  securities  and mutual  funds are
reflected on a trade-date basis.

Net  Appreciation  (Depreciation):  Net realized  gains  (losses) and unrealized
appreciation  (depreciation)  are  recorded  in the  accompanying  statement  of
changes in net assets  available for plan benefits as net  depreciation  in fair
value of investments.

                                       7
<PAGE>
            ATLANTIC AMERICAN CORPORATION 401(k) RETIREMENT SAVINGS
                                      PLAN

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2001 and 2000

- --------------------------------------------------------------------------------


NOTE 3--INVESTMENTS

The fair market values of individual investments that represent 5% or more of
the Plan's net assets as of December 31, 2001 and 2000 are as follows:

                                                       2001             2000
                                                    -----------     ------------

Atlantic American Corporation common stock          $   691,653     $    541,018
INVESCO Cash Reserves Fund                              381,894          277,210
INVESCO Core Equity Fund                                772,458          970,297
INVESCO Select Income Fund                              259,570          267,618
INVESCO Balanced Fund                                   640,823          798,512
INVESCO Dynamics Fund                                 1,266,348        1,945,293

Net depreciation in fair value of investments by major investment type for the
year ended December 31, 2001 is as follows:

Common stock - Atlantic American Corporation        $   (35,259)
Mutual funds                                           (811,348)
                                                    -----------

                                                    $  (846,607)



NOTE 4--NONPARTICIPANT-DIRECTED INVESTMENTS

Information  about  the net  assets  as of  December  31,  2001 and 2000 and the
significant  components of the change in net assets for the year ended  December
31,  2001  relating  to  the  Company's  common  stock  (nonparticipant-directed
investments) is as follows:
                                                        2001             2000
                                                    -----------     ------------
Net Assets:
     Common Stock - Atlantic American Corporation   $   164,362     $     68,642
                                                    ===========     ============

Changes in Net Assets:
     Contributions - employer                       $   103,434
     Net appreciation in fair value of common stock      10,991
     Benefits paid to participants                      (10,927)
     Transfers to participant-directed investments       (7,778)
                                                    -----------
                                                    $    95,720
                                                    ===========


                                       8
<PAGE>
            ATLANTIC AMERICAN CORPORATION 401(k) RETIREMENT SAVINGS
                                      PLAN

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2001 and 2000

- --------------------------------------------------------------------------------


NOTE 5--TAX STATUS

The plan is a Prototype  Standardized  Plan  developed by INVESCO.  The Internal
Revenue Service issued a letter to INVESCO dated April 18, 1990 stating that the
prototype plan was in accordance with  applicable  plan  requirements as of that
date. Therefore, the plan administrator believes that the plan was qualified and
the related trust was tax-exempt as of December 31, 2001 and 2000.


NOTE 6--PLAN TERMINATION

Although  it has not  expressed  any intent to do so, the  Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan  subject  to the  provisions  of ERISA.  In the event of plan  termination,
participants  will become fully vested in their  accounts as of the  termination
date.


NOTE 7--NONEXEMPT TRANSACTIONS

During the year ended December 31, 2000,  the Company failed on three  occasions
to remit  participant  contributions to the Plan within the time required by the
Department of Labor. Such transactions represent nonexempt loans of funds to the
Company  from  the  Plan.  The  Company  calculated  the  lost  earnings  on the
non-timely   contributions   and  allocated   such  lost  earnings  to  affected
participants. No such transactions of this type occurred in 2001.

NOTE 8--RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of net assets available for plan benefits per
the financial statements to the Form 5500 as follows for the year 2001:

<table>
<s>                                                                           <c>      <c>
Net assets available for plan benefits per the financial statements            $        4,360,720
     Less amounts allocated to withdrawing participants                                   (70,146)
                                                                               ------------------
Net assets available for plan benefits per the Form 5500                       $        4,290,574
                                                                               ==================



Benefits paid to participants per the financial statements                     $          399,711
     Plus amounts allocated for withdrawing participants                                   70,146
                                                                               ------------------
Benefits paid to participants per the Form 5500                                $          469,857
                                                                               ==================


</table>
                                       9


<PAGE>
















                            SUPPLEMENTAL INFORMATION



<PAGE>


                          Atlantic American Corporation

                         401(k) Retirement Savings Plan

          Schedule H, Line 4i--Schedule of Assets (Held at end of year)

                                December 31, 2001
- --------------------------------------------------------------------------------
<table>


<caption>

<s>  <c>                                        <c>                                              <c>                 <c>

       Identity of Issue, Borrower,              Description of                                                       Current
         Lessor, or Similar Party                  Investment                                     Cost                 Value
     -------------------------------    -------------------------------------------        -----------------     -----------------
<caption>
<s>  <c>                               <c>                                                            <c>                <c>
*    INVESCO Funds Group                INVESCO Cash Reserves Fund, 381,894 shares                    (a)        $        381,894
                                        INVESCO Core Equity Fund , 64,051 shares                      (a)                 772,458
                                        INVESCO Select Income Fund, 48,247 shares                     (a)                 259,570
                                        INVESCO Balanced Fund, 43,802 shares                          (a)                 640,823
                                        INVESCO Dynamics Fund, 79,495 shares                          (a)               1,266,348
                                        INVESCO Small Company Growth Fund, 1,239 shares               (a)                  15,038
                                        IRT 500 Index Fund, 769 shares                                (a)                  21,455

*    Atlantic American Corporation      Atlantic American Corporation common stock, 313,817 shares    629,936             691,653

*    AIM Fund Management                AIM Basic Value Fund, 6,765 shares                            (a)                 192,396

     Janus Fund                         Janus Twenty Fund, 1,049 shares                               (a)                  40,328
                                        Janus Adviser Worldwide Fund, 400 shares                      (a)                  11,735

*    Various Plan Participants          Participant loans with varying maturities and interest rates
                                        ranging form 7.75% to 10%                                      -                   32,146
                                                                                                                 -----------------

     TOTAL
                                                                                                                 $      4,325,844
                                                                                                                 -----------------
                                                                                                                 -----------------
</table>




* Indicates party in interest

(a) Participant-directed





</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>exhibit2.txt
<DESCRIPTION>CONSENT OF GIFFORD, HILLEGASS & INGWERSEN, P.C.
<TEXT>

                                 EXHIBIT INDEX


Exhibit Number          Title
- --------------          -----

2                       Consent of Independent Accountants




<PAGE>

CONSENT OF PUBLIC ACCOUNTANTS




As independent public accountants, we hereby consent to the incorporation by
reference of our report dated May 31, 2002, included in this Annual Report of
the Atlantic American Corporation 401(k) Retirement Savings Plan on Form 11-K
for the year ended December 31, 2001, into the Plan's previously filed
Registration Statement No. 333-89891.




                                            GIFFORD, HILLEGASS & INGWERSEN, P.C.


Atlanta, Georgia
June 26, 2002


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
