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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000008177-03-000054.txt : 20030516
<SEC-HEADER>0000008177-03-000054.hdr.sgml : 20030516
<ACCEPTANCE-DATETIME>20030516102946
ACCESSION NUMBER:		0000008177-03-000054
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030516
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030516

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-03722
		FILM NUMBER:		03707435

	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>8-K
<SEQUENCE>1
<FILENAME>form8k03.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K</title>
</head>
<body>
<BR><BR><BR><BR><BR>
<p align=center><font size=3 face="times new roman"> SECURITIES AND EXCHANGE COMMISSION<BR>
 Washington, D.C. 20549</font></p><BR>

<p align=center><font size=3 face="times new roman"><b> FORM 8-K</b></font></p><BR>

<p align=center><font size=3 face="times new roman"> Current Report<BR>
                                                Pursuant to Section 13 or 15(d) of the<BR>
                                                    Securities Exchange Act of 1934<BR></font></p><BR>
<p><font size=3 face="times new roman">&nbsp;&nbsp;&nbsp;Date of Report (Date of Earliest Event Reported):
 May 16, 2002 (May 15, 2002)</font></p><BR><BR>

<p align=center><font size=3 face="times new roman"><b> ATLANTIC AMERICAN CORPORATION</b><BR></font>
                                      <font size=1 face="times new roman">
(Exact Name of Registrant as Specified in Its Charter)</font></p><BR><BR><BR>


<table align=center width=670 cellspacing=0 cellpadding=2 border=0>
<tr>
<td width=33.3%></td>
<td width=33.3%></td>
<td width=33.3%></td>
</tr>
<tr>

<td align=center><font size=3 face="times new roman"> Georgia<BR>
</font><font size=1 face="times new roman">(State or Other Jurisdiction of Incorporation)</font></td>
<td align=center><font size=3 face="times new roman">0-3722<BR></font>
<font size=1 face="times new roman"> (Commission File Numbers)</font></td>
<td align=center><font size=3 face="times new roman">58-1027114<BR></font>
<font size=1 face="times new roman">(I.R.S. Employer Identification No.)</font></td>
</tr>
<tr>
<td colspan=3>&nbsp;</td>
</tr>
<tr>

<td><font size=3 face="times new roman">4370 Peachtree Rd., N.E.<BR>
Atlanta, Georgia <BR></font><font size=1 face="times new roman">(Address of Principal Executive Offices)</font></td>
<td>&nbsp;</td>
<td align=center><font size=3 face="times new roman">30319<BR>
</font><font size=1 face="times new roman">(Zip Code)</font></td>
</tr>
</table>
 <BR><BR>
<p><font size=3 face="times new roman"> Registrant's Telephone Number, Including Area Code:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(404) 266-5500</font></p><BR>

<p align=center><font size=3 face="times new roman">Not Applicable</font></p>
<HR>
<p align=center><font size=1 face="times new roman">
(Former Name or Former Address, if Changed Since Last Report)</font></p>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>



<PAGE>
<hr noshade size=2>



<p><font size=3 face="times new roman">Item&nbsp;5.&nbsp;&nbsp;<b>Other Events</b></font></p>

<p><font size=3 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On May 15, 2003, the registrant, through a newly formed, wholly owned subsidiary, Atlantic American
Statutory Trust II, completed the private issuance of $22.5 million aggregate amount of floating rate
capital securities, as part of a pooled transaction that involved various other insurance companies.  Net
proceeds to the Company were approximately $22 million of which $17 million was used to repay existing bank
debt.  The balance of the proceeds is to be used for general corporate purposes.  The securities issued
have a floating rate of interest, presently approximately 5.4%, and have a stated term of 30 years, although they may
be redeemed in whole or in part, after five years at the option of the Company.</font></p>

<p><font size=3 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The floating rate capital securities have not been registered under the Securities Act of 1933 and
may not be offered or sold in the United States absent registration or an applicable exemption from
registration requirements.</font></p>

<p><font size=3 face="times new roman">Item&nbsp;9.&nbsp;&nbsp;<b>Regulation FD Disclosure</b></font></p>

 <p><font size=3 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On May 15, 2003, the registrant issued the press release attached as Exhibit 99.1.</font></p>
<BR><BR><BR><BR><BR>








<PAGE>
<hr noshade size=2>








<p align=center><font size=3 face="times new roman"><b> SIGNATURE</b></font></p>
<p align=center><font size=3 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has<BR> duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.</font></p>

<table align=center width=650 cellpadding=5 cellspacing=0 border=0>
<tr>
<td width=50%>
</td>
<td width=50%>
</td>
</tr>
<tr>
<td>&nbsp;</td>
<td><font size=3 face="times new roman"><b> ATLANTIC AMERICAN CORPORATION</b></font></td>
</tr>
</table>

<table align=center width=650 cellpadding=0 cellspacing=0 border=0>
<tr>
<td width=50%>
</td>
<td width=50%>
</td>
</tr>
<tr>
<td colspan=2>&nbsp;</td>
</tr>
<tr>
<td>&nbsp;</td>
<td><font size=3 face="times new roman">By:&nbsp;&nbsp;&nbsp;/s/ John G. Sample, Jr.</font><hr size=1 noshade></td>
</tr>
<tr>
<td>&nbsp;</td>
<td><font size=3 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
John G. Sample, Jr.<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and Chief Financial Officer</font></td>
</tr>
</table>

<p><font size=3 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;Date: &nbsp;&nbsp; May 16, 2003</font></p>


<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>






<PAGE>
<hr noshade size=2>




<p align=center><font size=3  face="times new roman, serif"><b>
                                                EXHIBIT INDEX</b></font></p>


<p><font size=3  face="times new roman, serif"><b>Exhibits:</b></font></p>

<p><font size=3 face="times new roman, serif">Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Press release dated May 15, 2003</font></p>


<BR><BR><BR><BR><BR><BR>

</body>
</html>













</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>pressrelease051503.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
<head>
<title>
Press release 051503
</title>
</head>
<body>

<p align=right><font size=3  face="times new roman, serif">Exhibit 99.1</font></p>

<p align=center><font size=3 face="times new roman, serif"><b>
ATLANTIC AMERICAN CORPORATION ANNOUNCES OFFERING OF<BR> TRUST PREFERRED SECURITIES</b></font></p>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ATLANTA, Georgia, May 15,
2003 - Atlantic American Corporation (Nasdaq- AAME) announced that effective
today, through a newly formed, wholly owned subsidiary, Atlantic American
Statutory Trust II, it completed the private issuance of $22.5 million aggregate
amount of floating rate capital securities, as part of a pooled transaction that
involved various other insurance companies. Net proceeds to the Company were
approximately $22 million of which $17 million was used to repay existing bank
debt. The balance of the proceeds is to be used for general corporate purposes.
The securities issued have a floating rate of interest, approximately 5.4%, and
have a stated term of 30 years, although they may be redeemed in whole or in
part, after five years at the option of the Company. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The floating rate capital
securities have not been registered under the Securities Act of 1933 and may not
be offered or sold in the United States absent registration or an applicable
exemption from registration requirements. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy such securities
and is issued pursuant to Rule 135c under the Securities Act of 1933. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=3><I>Atlantic American is an
insurance holding company involved through its subsidiary companies in specialty
markets of the life, health, property and casualty insurance industries. Its
principal subsidiaries include American Southern Insurance Company, American
Safety Insurance Company, Bankers Fidelity Life Insurance Company, Georgia
Casualty &amp; Surety Company, Association Risk Management General Agency,
Association Casualty Insurance Company and Self-Insurance Administrators, Inc.</I> </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=3><I>Note regarding Private
Securities Litigation Reform Act: Except for historical information contained
herein, this press release contains forward-looking statements that involve a
number of risks and uncertainties. Actual results could differ materially from
those indicated by such forward-looking statements due to a number of factors
and risks detailed from time to time in statements and reports that Atlantic
American Corporation has filed with the Securities and Exchange Commission.</I> </FONT></P>

<p><font size=3  face="times new roman, serif">For further information contact:</font></p>

<p><font size=3  face="times new roman, serif">John G. Sample, Jr.<BR>
Senior Vice President and Chief Financial Officer<BR>
Atlantic American Corporation<BR>
404-266-5501</font></p>

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</html>




</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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