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<SEC-DOCUMENT>0000008177-09-000011.txt : 20090330
<SEC-HEADER>0000008177-09-000011.hdr.sgml : 20090330
<ACCEPTANCE-DATETIME>20090330141238
ACCESSION NUMBER:		0000008177-09-000011
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20081231
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090330
DATE AS OF CHANGE:		20090330

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:			0228

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-03722
		FILM NUMBER:		09713456

	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>form_8kpressre4thqtr2008.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

<HTML>
<HEAD>
<TITLE>Form 8-K Press Release 4th Quarter 2008</title>
</head>
<body>
<BR><BR><BR>
<p align=center><font size=3 face="times new roman"> UNITED STATES<BR>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>
<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 colspan=3><font size=3 face="times new roman">Date of Report (Date of Earliest Event Reported):
 March 30, 2009 (March 30, 2009)</font></td>
</tr>
</table>
<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 Number)</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>
<table align=center width=550 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 colspan=3><font size=3 face="times new roman">Registrant's Telephone Number, Including Area Code:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(404) 266-5500</font></td>
</tr>
</table>
<BR>

<table align=center width=670 cellspacing=0 cellpadding=2 border=0>
<tr>
<td width=5%></td>
<td width=5%></td>
<td width=90%></td>
</tr>
<tr>
<td colspan=3><font size=3 face="times new roman">Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:</font></td>
</tr>
<tr>
<td colspan=3>&nbsp;</td>
</tr>
<tr>
<td align=center>&#143;</td>

<td colspan=2><font size=3 face="times new roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
</font></td>
</tr>
<tr>
<td align=center>&#143;</td>

<td colspan=2><font size=3 face="times new roman">Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)</font></td>
</tr>
<tr>
<td align=center>&#143;<BR>&nbsp;</td>

<td colspan=2><font size=3 face="times new roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))</font></td>
</tr>
<tr>
<td align=center>&#143;<BR>&nbsp;</td>

<td colspan=2><font size=3 face="times new roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))</font></td>
</tr>
</table>


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






<hr noshade size=2>
<PAGE>
<H5 align="left" style="page-break-before:always"></H5>









<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 2.02.&nbsp;&nbsp;
<b>Results of Operations and Financial Condition</b></FONT></p>
<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On March 30, 2009,
Atlantic American Corporation (the &#147;Registrant&#148;) reported its results
of operations for its fourth quarter and year ended December 31, 2008. A copy of the press
release issued by the Registrant concerning the foregoing results is furnished
herewith as Exhibit 99.1 and is incorporated herein by reference. </font></p>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The information contained
herein and in the accompanying exhibit shall not be incorporated by reference
into any filing of the Registrant, whether made before or after the date hereof,
regardless of any general incorporation language in such filing, unless
expressly incorporated by specific reference to such filing. The information in
this report, including the exhibit hereto, shall not be deemed to be
&#147;filed&#148; for purposes of Section 18 of the Securities Exchange Act of
1934, as amended, or otherwise subject to the liabilities of that section or
Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.
</FONT></P>

<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.01.&nbsp;&nbsp;
<b>Financial Statements and Exhibits</b></FONT></p>

<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)&nbsp;&nbsp;Exhibits</font></p>
<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1 Press Release, dated
March 30, 2009, reporting the results of operations of the Registrant for its
fourth quarter and year ended December 31, 2008.</font></p>
<BR><BR>




<hr noshade size=2>
<PAGE>
<H5 align="left" style="page-break-before:always"></H5>





<p align=center><font size=2 face="times new roman"><b> SIGNATURE</b></font></p>
<p><font size=2 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 duly caused this report to be signed
on its behalf by the undersigned, hereunto 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=2 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=2 face="times new roman">&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ John G. Sample, Jr.</font><hr size=1 noshade></td>
</tr>
<tr>
<td>&nbsp;</td>
<td><font size=2 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John G. Sample, Jr.<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and Chief Financial Officer</font></td>
</tr>
</table>

<p><font size=2 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; March 30, 2009</font></p>
<BR><BR>





<hr noshade size=2>
<H5 align="left" style="page-break-before:always"></H5>
<PAGE>





<p align=center>
<font face="times new roman, serif" size=2><b>EXHIBIT INDEX</b></font></p>

<p><font face="times new roman, serif" size=2><b>Exhibits:</b></FONT></p>

<p><font face="times new roman, serif" size=2>Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Press release dated March 30, 2009</font></p>
<BR><BR><BR><BR>

</body>
</html>












</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>pressrelease03312009.htm
<DESCRIPTION>PRESS RELEASE DATED MARCH 30, 2009
<TEXT>




<html>
<head>
<title>
Press Release 03-30-2009
</title>
</head>
<body>

<p align=right><font face="times new roman, serif" size=2><B><U>EXHIBIT 99.1</U></B></font></p>

<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>ATLANTIC AMERICAN CORPORATION REPORTS<BR>FOURTH
QUARTER AND YEAR END RESULTS</b></font></p>




<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ATLANTA,
Georgia, March 30, 2009 - Atlantic American Corporation (Nasdaq-
AAME) today reported its results for the fourth quarter and year ended December
31, 2008. Atlantic American reported a net loss for the year ended December 31,
2008 of $3.9 million, or $0.25 per diluted share, as compared to net income of
$7.3 million, or $0.25 per diluted share, for the year ended December 31, 2007.
The net loss was primarily a result of the loss from discontinued operations of
$3.4 million, or $0.16 per diluted share, for the year ended December 31, 2008
compared to a loss of $4.3 million, or $0.20 per diluted share, from
discontinued operations for the year ended December 31, 2007. Additionally,
realized investment losses for 2008 were $4.0 million, related primarily to
impairment losses, as compared to realized investment gains of $12.6 million for
2007, resulting primarily from the sale of a common stock holding in Wachovia
Corporation. Income from continuing operations before realized investment gains
(losses) and income taxes was $3.0 million for the year ended December 31, 2008
and $6.5 million for the year ended December 31, 2007. Premiums during 2008
decreased $6.4 million, or 6.6%, to $91.4 million from 2007 premiums of $97.8
million. Premium decreases were primarily attributable to significant price and
product competition in all lines of business, particularly in the Company&#146;s
property and casualty segment. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the fourth quarter
ended December 31, 2008, the Company reported a net loss of $2.8 million, or
$0.14 per diluted share, compared to net income of $4.2 million, or $0.15 per
diluted share, during the same period in 2007. The loss from discontinued
operations was $1.3 million, or $0.06 per diluted share for the quarter ended
December 31, 2008 and resulted primarily from an adjustment to the purchase
price received by the Company related to the sale of its discontinued
operations. The loss from discontinued operations for the fourth quarter ended
December 31, 2007 was $4.6 million, or $0.17 per diluted share. Realized
investment losses for the fourth quarter ended December 31, 2008 were $3.7
million as compared to realized investment gains of $11.6 million for the fourth
quarter ended December 31, 2007. Income from continuing operations before
realized investment gains (losses) and income taxes was $0.9 million for the
fourth quarter ended December 31, 2008 and $2.9 million for the fourth quarter
ended December 31, 2007. Premiums for the fourth quarter of 2008 decreased 2.5%
to $23.2 million compared to $23.7 million for the fourth quarter of 2007.</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commenting, Hilton H.
Howell, Jr., president and chief executive officer, stated, &#147;We made
significant progress in 2008 and our streamlined operations have positioned us
in a distinctly positive position as we begin 2009.&#160; The disposition of our
regional property and casualty companies, Georgia Casualty &amp; Surety and
Association Casualty Insurance Companies, has been completed and we have
redeemed our Series B preferred stock, outstanding since 1995, at a discount to
our accrued liability for this issue, which increased our book value per common
share.&#160; We now retain a significant cash position of close to $20 million
at the holding company, which, during these difficult times, provides an
important measure of safety and security to our balance sheet.&#160; We have
invested in the individuals and systems of our continuing operations, Bankers
Fidelity Life, American Southern Insurance, and American Safety Insurance, and
we believe that there will be many opportunities that we will be able to take
advantage of through the enhanced strength of our balance sheet.&#160; Although
we recognized a number of investment impairments during 2008, we feel that they
are relatively minor in terms of what was experienced in the industry and in the
economy more broadly.&#160; As a consequence of all these actions, I have never
been more optimistic in the future and competitive position of our companies
despite the difficult nature of our current economy.&#148; </FONT></P>


<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Atlantic American is an
insurance holding company involved through its subsidiary companies in specialty
markets of the life, health, and property and casualty insurance industries. Its
principal subsidiaries are American Southern Insurance Company, American Safety
Insurance Company, Bankers Fidelity Life Insurance Company and Self-Insurance
Administrators, Inc.</I></FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><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 files with the Securities and Exchange Commission.</I></FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For further information
contact: </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>John G. Sample, Jr.<BR>
Senior Vice President and Chief Financial Officer<BR>
Atlantic American Corporation<BR>
404-266-5501</font></p>








<hr noshade size=2>
<H5 align="left" style="page-break-before:always"></H5>
<PAGE>







<p align=center><font size=2 face="times new roman, serif"><B>Atlantic American Corporation<BR>
Financial Data<BR>As of December 31, 2008</b>
</font></p>

<table align=center width=630 cellspacing=0 cellpadding=0 border=0>
<tr>
<td width=50%>&nbsp;</td>
<td width=12%>&nbsp;</td>
<td width=1%>&nbsp;</td>
<td width=12%>&nbsp;</td>
<td width=1%>&nbsp;</td>
<td width=12%>&nbsp;</td>
<td width=1%>&nbsp;</td>
<td width=12%>&nbsp;</td>
</tr>
<tr>
<td>&nbsp;</td>
<td bgcolor="#eeeeee" align=center colspan=3><font size=2 face="times new roman, serif">Three months ended<BR>Dec. 31,</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee" align=center colspan=3><font size=2 face="times new roman, serif">Year ended<BR>Dec. 31,</font></td>
</tr>
<tr>

<td><font face="times new roman, serif" size=2><i>(Unaudited; In thousands, except per share data)</i></font></td>

<td align=center colspan=2><font size=2 face="times new roman, serif">2008</font><HR NOSHADE SIZE=1></td>
<td align=center><font size=2 face="times new roman, serif">2007</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=center colspan=2><font size=2 face="times new roman, serif">2008</font><HR NOSHADE SIZE=1></td>
<td align=center><font size=2 face="times new roman, serif">2007</font><HR NOSHADE SIZE=1></td>
</tr>

<tr bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Insurance premiums</font></td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,151</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,734</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91,381</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;97,824</font></td>
</tr>
<tr>
<td><font size=2 face="times new roman, serif">Investment income</font></td>
<td align=right><font size=2 face="times new roman, serif">3,035</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">2,926</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">11,814</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">11,722</font></td>
</tr>

<tr bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Realized investment gains (losses), net</font></td>
<td align=right><font size=2 face="times new roman, serif">(3,654)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">11,556</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(3,995)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">12,627</font></td>
</tr>

<tr valign=top>
<td><font size=2 face="times new roman, serif">Other income</font></td>
<td align=right><font size=2 face="times new roman, serif">111</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">200</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">531</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">799</font><HR NOSHADE SIZE=1></td>
</tr>
<tr valign=top bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue</b></font></td>
<td align=right><font size=2 face="times new roman, serif"><b>22,643</b></font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>38,416</b></font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>99,731</b></font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>122,972</b></font><HR NOSHADE SIZE=1></td>
</tr>


<tr>
<td><font size=2 face="times new roman, serif">Insurance benefits and losses incurred</font></td>
<td align=right><font size=2 face="times new roman, serif">14,168</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">13,478</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">56,830</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">58,701</font></td>
</tr>

<tr bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Commissions and underwriting expenses</font></td>
<td align=right><font size=2 face="times new roman, serif">7,901</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">7,441</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">30,816</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">32,663</font></td>
</tr>

<tr>
<td><font size=2 face="times new roman, serif">Interest expense</font></td>
<td align=right><font size=2 face="times new roman, serif">781</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">1,045</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">3,298</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">4,160</font></td>
</tr>

<tr valign=top bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Other</font></td>
<td align=right><font size=2 face="times new roman, serif">2,512</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">1,982</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">9,779</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">8,350</font><HR NOSHADE SIZE=1></td>
</tr>

<tr valign=top>
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses</font></td>
<td align=right><font size=2 face="times new roman, serif">25,362</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">23,946</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">100,723</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">103,874</font><HR NOSHADE SIZE=1></td>
</tr>

<tr bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Income (loss) from continuing operations before taxes</font></td>
<td align=right><font size=2 face="times new roman, serif">(2,719)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">14,470</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(992)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">19,098</font></td>
</tr>

<tr valign=top>
<td><font size=2 face="times new roman, serif">Income tax expense (benefit)</font></td>
<td align=right><font size=2 face="times new roman, serif">(1,210)</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">5,696</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(526)</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">7,513</font><HR NOSHADE SIZE=1></td>
</tr>

<tr bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Income (loss) from continuing operations</font></td>
<td align=right><font size=2 face="times new roman, serif">(1,509)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">8,774</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(466)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">11,585</font></td>
</tr>
<tr valign=top>
<td><font size=2 face="times new roman, serif">Income (loss) from discontinued operations, net of tax</font></td>
<td align=right><font size=2 face="times new roman, serif">(1,251)</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(4,613)</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(3,417)</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(4,333)</font><HR NOSHADE SIZE=1></td>
</tr>

<tr valign=top bgcolor="#eeeeee">

<td><font size=2 face="times new roman, serif"><b>Net income (loss)</b></font></td>
<td align=right><font size=2 face="times new roman, serif"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,760)</b></font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,161</b></font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,883)</b></font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>$&nbsp;&nbsp;&nbsp;&nbsp;7,252</b></font><HR NOSHADE SIZE=2></td>
</tr>


<tr>
<td><font size=2 face="times new roman, serif"><b>Basic income (loss) per common share:</b></font></td>
<td colspan=7>&nbsp;</td>
</tr>

<tr valign=top bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations</font></td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46</font></td>
</tr>
<tr valign=top>
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from discontinued operations</font></td>
<td align=right><font size=2 face="times new roman, serif">(0.06)</font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(0.21)</font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(0.16)</font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(0.20)</font><HR NOSHADE SIZE=2></td>
</tr>
<tr valign=top bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss)</font></td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14)</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25)</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26</font><HR NOSHADE SIZE=3></td>
</tr>
<tr>
<td><font size=2 face="times new roman, serif"><b>Diluted income (loss) per common share:</b></font></td>
<td colspan=7>&nbsp;</td>
</tr>

<tr valign=top bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations</font></td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45</font></td>
</tr>
<tr valign=top>
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from discontinued operations</font></td>
<td align=right><font size=2 face="times new roman, serif">(0.06)</font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(0.17)</font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(0.16)</font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(0.20)</font><HR NOSHADE SIZE=2></td>
</tr>
<tr valign=top bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss)</font></td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14)</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25)</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25</font><HR NOSHADE SIZE=3></td>
</tr>

</table>



<table align=center width=630 cellspacing=0 cellpadding=0 border=0>
<tr>
<td width=50%>&nbsp;</td>
<td width=12%>&nbsp;</td>
<td width=1%>&nbsp;</td>
<td width=12%>&nbsp;</td>
<td width=25%>&nbsp;</td>
</tr>
<tr>
<td><font size=2 face="times new roman, serif"><b>&nbsp;<BR>Selected Balance Sheet Data</b></font></td>
<td align=center colspan=2><font face="times new roman, serif" size=2>December 31,<BR>2008</font><HR NOSHADE SIZE=1></td>


<td align=center><font face="times new roman, serif" size=2>December 31,<BR>2007</font><HR NOSHADE SIZE=1></td>

<td>&nbsp;</td>

</tr>
<tr>
<td bgcolor="#eeeeee"><font size=2 face="times new roman, serif">Total investments</font></td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173,116</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>$&nbsp;&nbsp;&nbsp;178,059</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td><font size=2 face="times new roman, serif">Assets of discontinued operations</font></td>
<td align=right><font face="times new roman, serif" size=2>0</font></td>
<td>&nbsp;</td>
<td align=right><font face="times new roman, serif" size=2>196,154</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td bgcolor="#eeeeee"><font size=2 face="times new roman, serif">Total assets</font></td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>266,609</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>458,254</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td><font size=2 face="times new roman, serif">Insurance reserves and policy funds</font></td>
<td align=right><font face="times new roman, serif" size=2>130,774</font></td>
<td>&nbsp;</td>
<td align=right><font face="times new roman, serif" size=2>128,078</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td bgcolor="#eeeeee"><font size=2 face="times new roman, serif">Debt</font></td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>41,238</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>53,988</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td><font size=2 face="times new roman, serif">Total shareholders' equity</font></td>
<td align=right><font face="times new roman, serif" size=2>75,414</font></td>
<td>&nbsp;</td>
<td align=right><font face="times new roman, serif" size=2>87,794</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td bgcolor="#eeeeee"><font size=2 face="times new roman, serif">Book value per common share</font></td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>3.06</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>3.09</font></td>
<td>&nbsp;</td>
</tr>
</table>

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