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<SEC-DOCUMENT>0000008177-09-000014.txt : 20090514
<SEC-HEADER>0000008177-09-000014.hdr.sgml : 20090514
<ACCEPTANCE-DATETIME>20090514093810
ACCESSION NUMBER:		0000008177-09-000014
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090331
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090514
DATE AS OF CHANGE:		20090514

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:		09824551

	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_8kpressre1stqtr2009.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

<HTML>
<HEAD>
<TITLE>Form 8-K Press Release 1st Quarter 2009</title>
</head>
<body>
<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>
<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):
 May 14, 2009 (May 14, 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 align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On May 14, 2009, Atlantic
American Corporation (the &#147;Registrant&#148;) reported its results of
operations for its first quarter ended March 31, 2009. 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><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
May 14, 2009, reporting the results of operations of the Registrant for its
first quarter ended March 31, 2009. </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>



<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; May 14, 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 May 14, 2009</font></p>
<BR><BR><BR><BR>

</body>
</html>












</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>pressrelease05152009.htm
<DESCRIPTION>PRESS RELEASE DATED MAY 14, 2009
<TEXT>




<html>
<head>
<title>
Press Release 5-15-2009
</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 FIRST QUARTER RESULTS</b></font></p>




<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ATLANTA,
Georgia, May 14, 2009 - Atlantic American Corporation (Nasdaq-
AAME) today reported net income for the first quarter ended March 31, 2009 of
$0.3 million or $.01 per diluted share, compared to a net loss of $1.7 million
or $.10 per diluted share in the first quarter of 2008. Total revenue for the
first quarter of 2009 decreased to $25.6 million, a decrease of 1.1% from 2008
first quarter revenue of $25.9 million. Premiums for the first quarter of 2009
decreased 1.0% to $22.8 million from $23.0 million for the comparable quarter in
2008. The decrease in premiums for the quarter was due to the extremely
competitive marketing and pricing environment particularly in the specialty
property and casualty lines of business. Included in the net loss for the
quarter ended March 31, 2008, was a loss of $2.2 million or $0.10 per diluted
share from discontinued operations, which represented the Company&#146;s
regional property and casualty companies that were disposed of on March 31,
2008. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commenting on the quarter,
Hilton H. Howell, Jr., Chairman, president and chief executive officer, stated
&#147;The first quarter of 2009 contains a glimpse of what we hope will continue
throughout the year and well into the future. Our insurance premiums declined
at a much smaller rate than in recent previous quarters; we believe that with
our continuing emphasis on not only new business but retaining existing
business, we should return to a period of increasing insurance premiums and
related revenues. We are also continuing with our focus on our investment
portfolio and expense control and believe that even while we navigate through
this difficult economic period, with the proper focus on the key parts of our
operations, we can continue to grow our operating earnings in future
periods.&#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 include 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 has filed 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 March 31, 2009</b><BR><i>(Unaudited; Dollars in thousands, except per share data)</i></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>March 31,</font></td>

</tr>
<tr>
<td>&nbsp;</td>

<td align=center colspan=2><font size=2 face="times new roman, serif">2009</font><HR NOSHADE SIZE=1></td>
<td align=center><font size=2 face="times new roman, serif">2008</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">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,797</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;23,032</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">2,735</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">2,690</font></td>

</tr>

<tr bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Realized investment gains, net</font></td>
<td align=right><font size=2 face="times new roman, serif">13</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">24</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">67</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">157</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>25,612</b></font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>25,903</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">14,880</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">13,918</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">7,518</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">8,309</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">721</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">927</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">2,186</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">2,028</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">25,305</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">25,182</font><HR NOSHADE SIZE=1></td>

</tr>

<tr bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Income from continuing operations before income taxes</font></td>
<td align=right><font size=2 face="times new roman, serif">307</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">721</font></td>

</tr>

<tr valign=top>
<td><font size=2 face="times new roman, serif">Income tax expense</font></td>
<td align=right><font size=2 face="times new roman, serif">51</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">297</font><HR NOSHADE SIZE=1></td>

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

<td><font size=2 face="times new roman, serif">Income from continuing operations</font></td>
<td align=right><font size=2 face="times new roman, serif">256</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">424</font></td>

</tr>
<tr valign=top>

<td><font size=2 face="times new roman, serif">Loss from discontinued operations, net of tax</font></td>
<td align=right><font size=2 face="times new roman, serif">-</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(2,166)</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>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256</b></font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>$&nbsp;&nbsp;(1,742)</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 from continuing operations</font></td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</font></td>

</tr>
<tr valign=top>
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued operations</font></td>
<td align=right><font size=2 face="times new roman, serif">-</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(0.10)</font><HR NOSHADE SIZE=1></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">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01</font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)</font><HR NOSHADE SIZE=2></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 from continuing operations</font></td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</font></td>

</tr>
<tr valign=top>
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued operations</font></td>
<td align=right><font size=2 face="times new roman, serif">-</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(0.10)</font><HR NOSHADE SIZE=1></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">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01</font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)</font><HR NOSHADE SIZE=2></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>March 31,<BR>2009</font><HR NOSHADE SIZE=1></td>


<td align=center><font face="times new roman, serif" size=2>December 31,<BR>2008</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>$&nbsp;&nbsp;&nbsp;175,014</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>$&nbsp;&nbsp;173,116</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td><font size=2 face="times new roman, serif">Total assets</font></td>
<td align=right><font face="times new roman, serif" size=2>251,241</font></td>
<td>&nbsp;</td>
<td align=right><font face="times new roman, serif" size=2>266,609</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td bgcolor="#eeeeee"><font size=2 face="times new roman, serif">Insurance reserves and policy funds</font></td>
<td align=right bgcolor="#eeeeee"><font face="times new roman, serif" size=2>123,980</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td align=right bgcolor="#eeeeee"><font face="times new roman, serif" size=2>130,774</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td><font size=2 face="times new roman, serif">Debt</font></td>
<td align=right><font face="times new roman, serif" size=2>41,238</font></td>
<td>&nbsp;</td>
<td align=right><font face="times new roman, serif" size=2>41,238</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td bgcolor="#eeeeee"><font size=2 face="times new roman, serif">Total shareholders' equity</font></td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>71,886</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>75,414</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td><font size=2 face="times new roman, serif">Book value per common share</font></td>
<td align=right><font face="times new roman, serif" size=2>2.91</font></td>
<td>&nbsp;</td>
<td align=right><font face="times new roman, serif" size=2>3.06</font></td>
<td>&nbsp;</td>
</tr>
</table>

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