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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 O7hlfs+sfzpihqUABEDIiTSQwmE1w4Na77kFaceJwcCXNGEVrCQ+UxZnUI3elB3V
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<SEC-DOCUMENT>0001209191-03-003509.txt : 20030508
<SEC-HEADER>0001209191-03-003509.hdr.sgml : 20030508
<ACCEPTANCE-DATETIME>20030508153959
ACCESSION NUMBER:		0001209191-03-003509
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030506
FILED AS OF DATE:		20030508

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HOWELL HILTON H JR
		CENTRAL INDEX KEY:			0001213166

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-03722
		FILM NUMBER:		03688149

	MAIL ADDRESS:	
		STREET 1:		4370 PEACHTREE ROAD, N.E.
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30319

ISSUER:		

	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

	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>4
<SEQUENCE>1
<FILENAME>g82656_3hh.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>    <schemaVersion>X0101</schemaVersion><documentType>4</documentType><periodOfReport>2003-05-06</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000008177</issuerCik>        <issuerName>ATLANTIC AMERICAN CORP</issuerName><issuerTradingSymbol>AAME</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001213166</rptOwnerCik>            <rptOwnerName>HOWELL HILTON H JR</rptOwnerName>        </reportingOwnerId>        <reportingOwnerAddress>            <rptOwnerStreet1>  </rptOwnerStreet1>            <rptOwnerStreet2>  </rptOwnerStreet2>            <rptOwnerCity>  </rptOwnerCity>            <rptOwnerState>  </rptOwnerState>            <rptOwnerZipCode>  </rptOwnerZipCode>        </reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>PRESIDENT &amp; CEO</officerTitle></reportingOwnerRelationship>
</reportingOwner><nonDerivativeSecurity><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2003-05-06</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>3773</value></transactionShares><transactionValue><value>0</value><footnoteId id="F1" /></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>171500</value><footnoteId id="F2" /></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeSecurity><footnotes><footnote id="F1">Represents 3,773 shares of restricted stock that were awarded pursuant to the Company's 2002 Incentive Plan.  No consideration is
 required to be paid by recipient.</footnote><footnote id="F2">Mr. Howell also has an indirect ownership interest in 22622 shares held in a 401(k) Plan based on a plan statement as of December 31, 2002.  Mr. Howell also has an indirect ownership interest in 39025 shares for which 1025 shares are held directly by spouse; 6000 shares held F/B/O daughter, Alston Elizabeth Howell, with spouse as Custodian; 7000 shares held F/B/O, son, Hilton Hatchett Howell, III, with spouse as Custodian; 12500 shares held F/B/O daughter, Anna Louise Howell, with spouse as custodian; and 12500 shares sheld F/B/O daughter, Julia Bailey Howell, with spouse as custodian, all for which Mr. Howell expressly disclaims beneficial ownership of such securities.  Mr. Howell also has an indirect ownership interest in 6720 shares owned jointly by his son with Harriett J. Robinson for which Mr. Howell express disclaims beneficial ownership in such securities.  Mr. Howell also holds employee stock options to acquire 200000 shares of common st
ock granted under the Company's 1992 Incentive Plan at exercise prices ranging from $1.25 to $3.75.</footnote></footnotes><ownerSignature><signatureName>Hilton H. Howell, Jr.</signatureName><signatureDate>2003-05-06</signatureDate></ownerSignature></ownershipDocument>

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</SEC-DOCUMENT>
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