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<SEC-DOCUMENT>0000008177-09-000018.txt : 20090629
<SEC-HEADER>0000008177-09-000018.hdr.sgml : 20090629
<ACCEPTANCE-DATETIME>20090629150351
ACCESSION NUMBER:		0000008177-09-000018
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20090629
DATE AS OF CHANGE:		20090629

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:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-03722
		FILM NUMBER:		09915857

	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_11k09.txt
<DESCRIPTION>FORM 11K ATLANTIC AMERICAN CORPORATION
<TEXT>
        <table>
<caption>
                                                <s>    <c>   <c>
                                                           UNITED STATES
                                                 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, 2008
                                              -------------------------------------------

                                                                  OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

                                                     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 BDO Seidman LLP
- -----------------------------------------------

Consent of Gifford, Hillegass & Ingwersen LLP
- -----------------------------------------------


</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>






<table>
<caption>
 <s>                                                    <c>             <c>
 Date:  June 29, 2009                                                /s/ John G. Sample, Jr.
       ---------------                               ------------------------------------------------------
                                                                       John G. Sample, Jr.
                                                                 Senior Vice President, CFO and
                                                                 Acting Secretary
                                                                  Atlantic American Corporation
</table>


<PAGE>









                          ATLANTIC AMERICAN CORPORATION
                          401(k) RETIREMENT SAVINGS PLAN


The following exhibits are filed herewith:

         Exhibit 1:        Financial Statements and Supplemental Schedule for
                           the years ended December 31, 2008 and 2007 together
                           with Reports of Independent Registered Public
                           Accounting Firms.

         Exhibit 2:        Consent of BDO Seidman LLP,
                           Independent Registered Public Accounting Firm.

         Exhibit 3:        Consent of Gifford , Hillegass & Ingwersen LLP,
                           Independent Registered Public Accounting Firm.























</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>form11k_exhibit1.txt
<DESCRIPTION>EXHIBIT 1 FINANCIAL STATEMENTS AND SCHEDULES
<TEXT>







                                   Exhibit 1


                          ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

                              FINANCIAL STATEMENTS
                                      AND
                             SUPPLEMENTAL SCHEDULE

                 For the Years Ended December 31, 2008 and 2007

                                      with
             Reports of Independent Registered Public Accounting Firms








<PAGE>


                          ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

                                TABLE OF CONTENTS

                           December 31, 2008 AND 2007

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


Reports of Independent Registered Public Accounting Firms......................1

Statements of Net Assets Available for Benefits................................3

Statement of Changes in Net Assets Available for Benefits......................4

Notes to Financial Statements..................................................5

Supplemental Schedule:

     Schedule H, Line 4j:  Schedule of Assets (Held at End of Year)...........18




<PAGE>

            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Plan Administrator
Atlantic American Corporation 401(k) Retirement Savings Plan
Atlanta, Georgia

We have audited the accompanying  statement of net assets available for benefits
of the Atlantic American Corporation 401(k) Retirement Savings Plan (the "Plan")
as of December  31,  2008,  and the related  statement  of changes in net assets
available for benefits for the year then ended.  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.

We conducted  our audit in accordance  with the standards of the Public  Company
Accounting Oversight Board (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.  The Plan is not required to have,
nor were we engaged to perform, an audit of its internal control over financial
reporting.  Our audit included  consideration of internal control over financial
reporting as a basis for designing audit  procedures that are appropriate in the
circumstances,  but  not  for  the  purpose  of  expressing  an  opinion  on the
effectiveness  of  the  Plan's  internal   control  over  financial   reporting.
Accordingly,  we express no such opinion. An audit also 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,  as well as  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 Plan as of
December 31, 2008, 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 of America.

Our audit  was  performed  for the  purpose  of  forming  opinions  on the basic
financial statements taken as a whole. The accompanying supplemental schedule of
assets  (held at end of year)  as of  December  31,  2008 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.  This  supplemental  schedule  is the
responsibility  of the Plan's  management.  The  supplemental  schedule 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.



BDO SEIDMAN LLP
Atlanta, Georgia
June 29, 2009



                                       1


<PAGE>








             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


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

We have audited the accompanying  statement of net assets available for benefits
of the  Atlantic  American  Corporation  401(k)  Retirement  Savings  Plan as of
December 31, 2007. This financial  statement is the responsibility of the Plan's
management.  Our  responsibility  is to express  an  opinion  on this  financial
statement based on our audit.

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

In our opinion,  the financial  statement  referred to above presents 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, 2007, in
conformity with accounting principles generally accepted in the United States of
America.


GIFFORD, HILLEGASS & INGWERSEN LLP
Atlanta, Georgia
June 19, 2008
                                       2


<PAGE>


                          ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

                 STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

                           December 31, 2008 and 2007

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




                                                 2008                2007
                                          ------------------  ------------------

Cash                                        $              3  $                -
Investments, at fair value (Note 3)
     Common/collective trusts                        846,734           1,418,329
     Employer securities                             394,959             644,605
     Registered investment companies               4,499,866          10,033,157
     Participant loans                               123,689              69,535
                                           -----------------  ------------------

NET ASSETS AVAILABLE FOR BENEFITS           $      5,865,251  $       12,165,626
                                           ==================  =================






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

                                       3

<PAGE>



                          ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

            STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

                      For the Year Ended December 31, 2008

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

Additions to Net Assets
  Contributions:
         Participants                                          $         577,820
         Company                                                         232,320
                                                               -----------------

              TOTAL CONTRIBUTIONS                                        810,140

     Interest and dividend income                                        169,030

     Net (depreciation) in fair market value of investments (Note 3) (3,765,525)
                                                               -----------------

              TOTAL DEDUCTIONS TO NET ASSETS                         (2,786,355)
                                                               -----------------
Deductions from Net Assets
     Benefit payments to participants                                  3,472,202
     Fees                                                                 41,818
                                                               -----------------

              TOTAL DEDUCTIONS                                         3,514,020
                                                               -----------------

Net (Decrease)                                                       (6,300,375)


Net Assets Available for Benefits at Beginning of Year                12,165,626
                                                               -----------------

Net Assets Available for Benefits at End of Year               $       5,865,251
                                                               =================





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

                                       4

<PAGE>


                          ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2008 and 2007

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  and are  automatically  enrolled,  effective on the
date of  employment.  The Plan is  subject  to the  provisions  of the  Employee
Retirement Income Security Act of 1974 ("ERISA"), as amended.

Participating  Companies:  As of December  31,  2008,  the  Company  owned three
insurance  subsidiaries,  Bankers  Fidelity  Life  Insurance  Company  ("Bankers
Fidelity"), American Southern Insurance Company and its wholly owned subsidiary,
American Safety Insurance  Company (together known as "American  Southern"),  in
addition to one  non-insurance  company,  Self  Insurance  Administrators,  Inc.
("SIA,  Inc.").  All four of these  subsidiaries were eligible to participate in
the Plan in 2008. Prior to July 1, 2008, the employees of American  Southern did
not  participate  in the Plan.  In addition,  on December 26, 2007,  the Company
entered into a stock  purchase  agreement  providing  for the sale of all of the
outstanding  shares  of stock of  Association  Casualty  Insurance  Company  and
Association   Risk  Management   General  Agency,   Inc.,   (together  known  as
"Association   Casualty")  and  Georgia  Casualty  &  Surety  Company  ("Georgia
Casualty") to Columbia Mutual Insurance Company. The Company completed this sale
on  March  31,  2008.  Accordingly,  as of March  31,  2008,  the  participating
employees of Association  Casualty and Georgia  Casualty were no longer eligible
to make contributions to the Plan and those participating employees became fully
vested in their accounts.

Plan Administration: As of December 3, 2007, Wachovia Bank, National Association
(the "Trustee") became the Trustee of the Plan and has custodial  responsibility
for the Plan's assets, including the authority and power to, among other things,
invest the principal and income of the Plan's assets. Prior thereto, the Trustee
of the Plan was Merrill Lynch Trust Company FSB.


                                       5


<PAGE>

                          ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2008 and 2007



NOTE 1--DESCRIPTION OF THE PLAN--Continued

Contributions:  Eligible  employees  automatically  become a participant and are
automatically  enrolled  into the Plan at a 3%  deferral  rate on their  date of
hire. At any time, a participant may stop his or her  contribution or change his
or her  deferral  percentage  in 1%  increments  up to 50% of his or her  annual
compensation,  as defined by the Plan, subject to certain  limitations under the
Internal  Revenue Code (the  "Code"),  and elect to  contribute  into any of the
investment  funds  offered by the Plan.  Participant  pre-tax  limitations  were
limited to $15,500 for both 2008 and 2007.

Participants may also contribute amounts  representing  distributions from other
qualified benefit plans. These contributions, if any, are classified as rollover
contributions  in the statement of changes in net assets available for benefits.
Participants  who have  attained  age 50  before  the end of the  Plan  year are
eligible to make  catch-up  contributions  to the Plan.  The maximum  individual
catch-up contribution amount was $5,000 for both 2008 and 2007.

The Company provides a matching  contribution  equal to a certain  percentage of
each  participant's  contributions.  For the years ended  December  31, 2008 and
2007, the Company's matching  contribution equaled 50% of each participant's tax
deferred  contribution up to 6% of eligible  compensation.  All Company matching
contributions  prior to July 1, 2008 are in  Company  common  stock.  Subsequent
thereto and prior to January 1, 2009,  Company  matching  contributions  were in
either Company common stock or cash depending on the participating  company. The
Company may also elect to make additional  discretionary  matching and/or profit
sharing 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.   The  vesting   percentage   for  the  Company   matching
contributions are as follows:

 Years of service:
         Less than one                                          0%
         One                                                   20%
         Two                                                   40%
         Three                                                 60%
         Four                                                  80%
         Five                                                 100%

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





                                       6

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

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2008 and 2007



NOTE 1--DESCRIPTION OF THE PLAN--Continued


Benefits: Upon termination of service due to death, disability,  retirement,  or
separation from service,  a participant or his or her beneficiary  with a vested
balance greater than $5,000 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.  Terminated  participants  with a vested  balance less than
$5,000 are automatically distributed after termination.

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:


     o    The  Company  offers a Wachovia  managed  account  which may invest in
          other investment alternatives not offered to all participants.  Anyone
          selecting such option pays an incremental  participant fee of 50 basis
          points.  Investments  currently include:  Alger Small Cap Growth Fund;
          Dreyfus Premier Small Cap Equity Fund;  Evergreen  International  Bond
          Fund; Evergreen Select Strategic Growth Fund; Evergreen  International
          Equity  Fund;  Goldman  Sachs Large  Value Fund;  JP Morgan High Yield
          Fund;  Lazard  Emerging  Markets Fund;  PIMCO High Yield Fund; T. Rowe
          Price Equity  Income Fund; T. Rowe Price Growth Fund and T. Rowe Price
          Real Estate Fund.

     o    Wachovia  Diversified  Stable  Value Fund - seeks to provide  rates of
          return greater than  three-month  Treasury  bills while  maintaining a
          relatively stable principal value.

     o    Fidelity  Puritan  Fund - seeks income and capital  growth  consistent
          with  reasonable  risk.  The fund  invests 60% of assets in stocks and
          other  equity  securities  and the  remainder  in bonds and other debt
          securities,  including lower-quality debt securities, when its outlook
          is neutral.  It invests at least 25% of total  assets in  fixed-income
          senior securities (including debt securities and preferred stock). The
          fund also  invests in domestic and foreign  issuers and in  Fidelity's
          central funds.


                                       7

<PAGE>

                          ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2008 and 2007



NOTE 1--DESCRIPTION OF THE PLAN--Continued

     o    AllianceBernstein  Retirement Strategy Funds - seeks the highest total
          return  over time  consistent  with asset mix.  The funds  invest in a
          combination of portfolios of the AllianceBernstein  pooling portfolios
          representing  a variety of asset classes and  investment  styles.  The
          asset mix becomes more  conservative each year until reaching the year
          approximately  fifteen  years after the target year, at which time the
          asset allocation mix will become static.  The static allocation of the
          asset mix is 27.5% short-duration bonds, 37.5% fixed-income securities
          and 35% equities.

     o    Allianz NFJ Dividend Value Fund - seeks to provide long-term growth of
          capital  and  income.  The fund  normally  invests at least 80% of net
          assets in equity securities that pay or are expected to pay dividends.
          The fund invests a  significant  portion of assets in common stocks of
          companies with market capitalizations  greater than $2 billion. It may
          also  invest a portion  of assets in  non-U.S.  securities,  including
          emerging market securities.

     o    Enhanced Stock Market Fund of Wachovia - seeks to provide a total rate
          of return equal to or exceeding that of the S&P 500 market index.

     o    T.  Rowe  Price  Blue Chip  Growth  Fund - seeks  long-term  growth of
          capital;  income is secondary.  The fund will normally invest at least
          80% of assets in the common stocks of large and medium-sized blue chip
          growth  companies.  These are firms that are well established in their
          industries and have the potential for  above-average  earnings growth.
          It  focuses  on  companies  with  leading  market  position,  seasoned
          management and strong financial  fundamentals.  While the fund invests
          most  assets  in  U.S.  common  stocks,  it may  also  purchase  other
          securities including foreign stocks, futures and options.

     o    Columbia  Mid Cap Value  Fund - seeks to provide  long-term  growth of
          capital.  The fund  normally  invests at least 80% of assets in equity
          securities of U.S. companies whose market  capitalizations  are within
          the range of the companies  within the Russell  MidCap Value Index and
          that are  believed  to have the  potential  for  long-term  growth  of
          capital.

     o    Vanguard  Midcap  Index  Fund - seeks to trace  the  performance  of a
          benchmark    index   that   measures   the   investment    return   of
          mid-capitalization  stocks.  The fund  employs  a  passive  management
          investment  approach  designed to track the performance of the MSCI US
          Mid Cap 450  index,  a  broadly  diversified  index of the  stocks  of
          medium-size U.S. companies.  It attempts to replicate the target index
          by investing all, or  substantially  all, of assets in the stocks that
          make up the  index,  holding  each  stock  in  approximately  the same
          proportion as its weighting in the index.



                                       8
<PAGE>


                          ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2008 and 2007


NOTE 1-DESCRIPTION OF THE PLAN-Continued

     o    AIM Dynamics Fund - seeks long-term capital growth.  The fund normally
          invests   at  least   65%  of   assets   in   equity   securities   of
          mid-capitalization  companies.  These  companies  are  included in the
          Russell MidCap Growth Index at the time of purchase. The fund may also
          invest in preferred stocks, convertible securities and bonds.

     o    AllianceBernstein International Value Fund - seeks long-term growth of
          capital.  The fund  invests  primarily in a  diversified  portfolio of
          equity securities of established  companies selected from more than 40
          industries and more than 40 developed and emerging  market  countries.
          It normally  invests in  companies in at least three  countries  other
          than  the  United  States.   These  countries  currently  include  the
          developed  nations in Europe and the Far East,  Canada,  Australia and
          emerging countries worldwide.

     o    PIMCO  Total  Return  Fund - seeks  maximum  total  return.  The  fund
          normally  invests  at  least  65% of  total  assets  in a  diversified
          portfolio of fixed income instruments of varying maturities, which may
          be  represented by forwards or  derivatives  such as options,  futures
          contracts, or swap agreements.  It may invest all assets in derivative
          instruments, such as options, futures contracts or swap agreements, or
          in mortgage - or asset-backed securities.  The fund also invests up to
          10% of total assets in preferred stocks.

     o    Putnam  International  Capital  Opportunities  Fund - seeks  long-term
          capital  appreciation.  The fund normally  invests in common stocks of
          companies  outside  the  United  States  that  are  believed  to  have
          favorable  investment  potential.  It primarily invests in equities of
          small-to   mid-capitalization  issuers;  however,  it  can  invest  in
          companies of any size.  The fund may also invest in securities  issued
          in both developed and emerging markets.

     o    Oppenheimer Global  Opportunities  Fund - seeks capital  appreciation,
          consistent  with  preservation of principal,  while providing  current
          income.  The fund may invest in equities and fixed-income  securities.
          It may  invest  without  limit  in  foreign  securities  and  normally
          maintains  investments in at least three foreign  countries.  The fund
          may invest up to 25% of assets in bonds rated below  investment-grade.
          It may invest up to 10% of assets in warrants or rights.

     o    Columbia Small Cap Value Fund - seeks long-term growth of capital. The
          fund normally  invests at least 80% of assets in equity  securities of
          U.S.  companies  in the range as the Russell 2000 value index and that
          are believed to be  undervalued  and have the  potential for long-term
          growth of capital.  It may invest up to 20% of total assets in foreign
          securities.


                                        9





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

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2008 and 2007



NOTE 1-DESCRIPTION OF THE PLAN-Continued


     o    Vanguard  Small Cap Index Fund - seeks to track the  performance  of a
          benchmark   index  that  measures  the  investment   return  of  small
          capitalization   stocks.   The  fund  employs  a  passive   management
          investment  approach  designed to track the performance of the MSCI US
          Small Cap 1750  index,  a broadly  diversified  index of the stocks of
          smaller U.S.  companies.  It attempts to replicate the target index by
          investing all, or substantially all, of assets in the stocks that make
          up the index,  holding each stock in approximately the same proportion
          as its weighting in the index.

     o    Baron  Growth  Fund - seeks  capital  appreciation.  The fund  invests
          primarily in common stocks of smaller  growth  companies  selected for
          their  capital  appreciation  potential.  It  considers a  small-sized
          company as one having a market value of under $2.5 billion at the time
          of purchase.  The  management  seeks to purchase  securities  that are
          expected to increase in value 100% in four years and then double again
          in the following four or five years.

     o    Vanguard Total Bond Market Index Fund - seeks to track the performance
          of a broad,  market-weighted  bond index. The fund invests by sampling
          the  index.  It  invests  at least 80% of assets in bonds  held in the
          index.   The  fund  maintains  a   dollar-weighted   average  maturity
          consistent with that of the index, ranging between 5 and 10 years.

     o    Atlantic  American  Corporation  Common  Stock Fund - is  comprised of
          Atlantic American common stock and a small percentage of cash to allow
          for daily  transfers  in and out of the fund.  Fund  performance  will
          differ from the actual  performance of Atlantic  American common stock
          because of the cash held in the fund for liquidity purposes.


Forfeitures:  Amounts  forfeited from non-vested  accounts,  if any, are used to
reduce future employer contributions.  There were no forfeitures used in 2008 to
reduce employer contributions. At December 31, 2008, $46,426 was available to be
used in the future.

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 balances 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.





                                       10
<PAGE>



                         ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

                          NOTES TO FINANCIAL STATEMENTS

                            December 31, 2008 and 2007


NOTE 1-DESCRIPTION OF THE PLAN-Continued

Specified  Hardship  Withdrawals:  Upon written  application to the Trustee by a
participant for a specified  hardship  withdrawal,  the participant may withdraw
from his or her fund accounts. Such withdrawal may be made only upon the express
determination  that it is  necessary to prevent a severe  financial  hardship to
such  participant  and specific to the  following  events:  expenses for medical
care; costs directly related to the purchase of a principal  residence;  payment
of  tuition  and  related  educational  fees;  and to  prevent  eviction  from a
principal residence or foreclosure on the mortgage of a principle  residence.  A
participant who has made a specified hardship withdrawal may include any amounts
necessary  to pay federal,  state or local income taxes or penalties  reasonably
anticipated  to  result  from  the  distribution;  shall  make no more  than one
withdrawal during any calendar quarter;  and shall incur a mandatory  suspension
of all contributions for twelve months after such withdrawal.

Administrative Expenses: The Company pays certain administrative expenses of the
Plan.  Trustee  fees  are  paid by the  Plan.  Fees  resulting  from  individual
participant  transactions,  such as loan  origination and benefit  payments,  or
certain  investment  elections,  are paid by the participant and are included in
the fee amount on the statement of changes in net assets available for benefits.

NOTE 2-ACCOUNTING POLICIES

Use  of  Estimates  and  Basis  of  Accounting:  The  preparation  of  financial
statements in conformity with generally accepted accounting  principles requires
management  to  make  estimates   that  affect  the  financial   statements  and
accompanying notes. Actual results could differ from those estimates.

As described in Financial  Accounting  Standards  Board Staff Position (FSP) AAG
INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts
Held by Certain  Investment  Companies  Subject to the AICPA Investment  Company
Guide and  Defined-Contribution  Health and Welfare and Pension Plans (the FSP),
investment  contracts  held by a defined  contribution  plan are  required to be
reported at fair value.  However,  contract  value is the  relevant  measurement
attribute for that portion of the net assets available for benefits of a defined
contribution plan attributable to fully benefit-responsive  investment contracts
because contract value is the amount  participants would receive if they were to
initiate permitted transactions under the terms of the plan. The Plan invests in
investment  contracts  through  a  collective  trust.  The  fair  value  of  the
collective trusts approximates contract value as of December 31, 2008 and 2007.








                                       11



<PAGE>



                         ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

                          NOTES TO FINANCIAL STATEMENTS

                            December 31, 2008 and 2007


NOTE 2-ACCOUNTING POLICIES-Continued

Investment  Valuation and Income Recognition:  The Plan's investments are stated
at fair  value.  Where  available,  quoted  market  prices  are  used  to  value
investments.  Shares of  registered  investment  companies are valued at the net
asset value of shares held by the Plan at year-end. Participant loans are valued
at their outstanding balances, which approximate fair value. The Plan's interest
in the  common/collective  trusts is valued based on information reported by the
investment  advisor  using the  audited  financial  statements  of the trusts at
year-end.

Purchases and sales of securities are recorded on a trade date basis.  Dividends
are recorded on the ex-dividend date.  Interest income is recorded on an accrual
basis.

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 such changes could materially  affect the amounts reported in the statements
of net assets available for benefits.

New  Accounting  Pronouncements:  In September  2006,  the Financial  Accounting
Standards  Board ("FASB")  issued  Statement of Financial  Accounting  Standards
("SFAS") SFAS No. 157, "Fair Value Measurements"  ("SFAS 157"). SFAS 157 defines
fair value,  establishes a framework for measuring  fair value under  accounting
principles  generally  accepted in the United States,  and enhances  disclosures
about fair value  measurements.  Fair value is defined as the exchange  price at
which an asset could be sold or a  liability  settled in the  principal  or most
advantageous market for the asset or liability in an orderly transaction between
market  participants  on the  measurement  date.  SFAS 157 provides  guidance on
measuring  fair value when  required  under  existing  accounting  standards and
establishes a hierarchy that prioritizes the inputs to valuation techniques. The
first  level  of such  hierarchy  determines  fair  value  at the  quoted  price
(unadjusted) in active markets for identical  assets (Level 1). The second level
determines fair value using valuation  methodology  including  quoted prices for
similar  assets and  liabilities  in active  markets  and other  inputs that are
observable  for the  asset or  liability,  either  directly  or  indirectly  for
substantially  similar  terms  (Level 2). The third level for  determining  fair
value utilizes inputs to valuation  methodology  which are  unobservable for the
asset or liability (Level 3). Such values inherently involve a greater degree of
judgment and uncertainty and therefore  ultimately  greater price volatility.  A
financial  asset's  or  liability's   classification  within  the  hierarchy  is
determined based on the lowest level input that is significant to the fair value
measurement. SFAS 157 is effective for fiscal years beginning after November 15,
2007.








                                       12






<PAGE>



                         ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

                          NOTES TO FINANCIAL STATEMENTS

                            December 31, 2008 and 2007


NOTE 2-ACCOUNTING POLICIES-Continued

The Plan  adopted SFAS 157 on January 1, 2008.  Adoption of this statement did
not have a material  impact on the Plan's net assets  available  for benefits or
changes in net assets available for benefits.

The Plan did not classify any of its assets as Level 1 instruments.

The  Plan   assets   identified   as  Level  2   instruments   include   certain
common/collective   trusts,   employer  securities  and  registered   investment
companies, as well as participant loans.

The Plan assets  identified as Level 3 instruments  include  stable value funds.
Fair value is based on criteria that use  assumptions or other data that are not
readily  observable  from  objective  sources and  provided  primarily  from the
sponsors of the  underlying  funds.  As of December 31, 2008,  the Plan's stable
value funds valued using Level 3 criteria totaled $483,358.

As of December 31, 2008,  assets measured at estimated fair value on a recurring
basis are summarized below:
<table>


<caption>

<s>                                     <c>                   <c>                   <c>                 <c>
                                          Quoted
                                         Prices in
                                          Active              Significant
                                          Markets                Other               Significant
                                       for Identical           Observable            Unobservable
                                          Assets                 Inputs                 Inputs
                                        (Level 1)              (Level 2)               (Level 3)         Total
                                     -----------------    --------------------     ---------------     -----------
<caption>
<s>                                    <c>                  <c>                     <c>                <c>
Common/collective trusts
  Stable value funds                    $            -       $               -       $     483,358      $   483,358
  Other                                              -                 363,376                   -          363,376
                                     -----------------    --------------------     ---------------     ------------
    Subtotal                                         -                 363,376             483,358          846,734
                                     -----------------    --------------------     ---------------     ------------
Employer securities                                  -                 394,959                   -          394,959
Registered investment
companies                                            -               4,499,866                   -        4,499,866
Participant loans                                    -                 123,689                   -          123,689
                                     -----------------    --------------------     ---------------     ------------
         Total                          $            -       $       5,381,890       $     483,358      $ 5,865,248
                                     =================    ====================     ===============     ============


</table>




                                       13






<PAGE>



                          ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2008 and 2007


NOTE 2-ACCOUNTING POLICIES-Continued

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

                                                                   Stable Value
                                                                      Funds
                                                                 ---------------

  Balance, January 1, 2008                                              $641,292
  Contributions                                                        1,636,266
  Withdrawals                                                        (1,817,125)
  Net appreciation in fair value                                          22,925
                                                                 ---------------
  Balance, December 31, 2008                                            $483,358
                                                                 ===============

The Plan assets identified as Level 3 instruments are comprised solely of stable
value  funds.  They are not actively  traded and  valuation  techniques  used to
measure their fair value are primarily  based on data provided from the sponsors
of the underlying stable value funds.

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

Payment of Benefits:  Distributions to participants are recorded when payment is
made.

                                       14


<PAGE>



                         ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2008 and 2007

NOTE 3-INVESTMENTS

The estimated fair values of individual investments that represent 5% or more of
the Plan's net assets as of December 31, 2008 and 2007 are as follows:

<table>


<caption>

<s>                                                                                     <c>                   <c>
                                                                                         2008                  2007
                                                                                         ----                  ----
<caption>

<s>                                                                                   <c>                 <c>
Enhanced Stock Market Fund of Wachovia                                                $  362,971          $    777,037
Allianz NFJ Dividend Value Fund                                                          592,549             1,077,835
Columbia Mid Cap Value Fund                                                                    *               644,191
T. Rowe Price Blue Chip Growth Fund                                                      829,251             1,945,464
Baron Growth Fund                                                                        396,996             1,133,812
Fidelity Puritan Fund                                                                    667,103             1,713,806
AIM Dynamics Fund                                                                        322,332             1,198,824
Atlantic American Corporation Common Stock Fund                                          394,959               644,605
Wachovia Diversified Stable Value Fund                                                   483,057                     -
PIMCO Total Return II                                                                    678,399                     -
Evergreen Core Bond Fund                                                                       -             1,512,075
Atlantic American Stable Value Fund                                                            -               641,292

*not greater than 5% at December 31

</table>

Net  depreciation  in fair market value of investments by major  investment type
for the year ended December 31, 2008 is as follows:


Employer securities - Common stock                            $        (368,105)
Registered investment companies                                      (3,180,535)
Common collective trusts                                               (216,885)
                                                           ---------------------
                                                              $      (3,765,525)
                                                           =====================




                                       15




<PAGE>



                         ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2008 and 2007

NOTE 4-NONPARTICIPANT-DIRECTED INVESTMENTS

Information  about  the net  assets  as of  December  31,  2008 and 2007 and the
significant  components  of the  change in net  assets  for the years then ended
relating to the Company's common stock (nonparticipant-directed  investments) is
as follows:

<table>
<caption>

<s>                                                                                     <c>                 <c>
                                                                                         2008                2007
                                                                                         ----                ----
<caption>
<s> <c>                                                                                <c>                 <c>
Net Assets:
     Common Stock - Atlantic American Corporation                                $      5,925        $      121,190
                                                                                 ===============     ===============

Changes in Net Assets:
     Contributions - employer / other receipts                                   $       15,982      $      120,608
     Net depreciation in fair value of common stock                                      (9,131)           (106,042)
     Benefits paid to partially vested former
         employees                                                                       (2,267)            (21,645)
     Net activity related to disposed companies                                        (119,849)           (159,775)
                                                                                 ---------------     ---------------
     Total activity                                                              $     (115,265)     $     (166,854)
                                                                                 ===============     ===============

</table>
NOTE 5-TAX STATUS

The Plan uses a  prototype  Plan  document  sponsored  by  Wachovia  Bank,  N.A.
("Wachovia").  Wachovia  received an opinion  letter from the  Internal  Revenue
Service ("IRS"), dated August 30, 2001, which states that the prototype document
satisfies  the  applicable  provisions  of the  Code.  The Plan  itself  has not
received a determination  letter from the IRS.  However,  the Plan's  management
believes  that the Plan is currently  designed and being  operated in compliance
with the applicable requirements of the Code. Therefore, no provision for income
tax has been included in the Plan's financial statements.

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.



                                       16




<PAGE>



                         ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2008 and 2007


NOTE 7-PARTY-IN-INTEREST TRANSACTIONS

The Plan held 476,863 shares and 409,309 shares of Atlantic American Corporation
(the Plan  Sponsor) as of December  31, 2008 and 2007 in the  Atlantic  American
Stock Fund.  The fund invests in Atlantic  American stock and money market funds
with a fair value of $394,959 and $644,605, respectively.

Wachovia  Retirement Services was the trustee as defined by the Plan and certain
investments  totaling  $846,734,  held by the Plan at  December  31,  2008,  are
managed  by   Wachovia.   These   transactions   qualify  as   party-in-interest
transactions.

NOTE 8-SUBSEQUENT EVENT

Beginning  January 1, 2009,  all  newly-hired  employees  of the Company and its
wholly-owned  subsidiaries  are  automatically  enrolled  into  the Plan at a 4%
deferral rate with immediate entry and a 90-day opt out provision.

Effective January 1, 2009, employer matching contributions are no longer made in
Company  common stock,  but all cash;  however,  Company common stock remains an
investment option in the Plan.

On January 1, 2009,  the  Company  adopted  safe harbor  plan  provisions,  with
employer matching  contributions of 100% of a participant's pretax contribution,
up to the first 4% of  earnings.  Safe  harbor  contributions  are fully  vested
immediately.  The Company  may also make  profit-sharing  contributions,  at its
discretion,  which will be allocated among all eligible participants in the Plan
whether they make contributions or not.




                                       17




<PAGE>








                            SUPPLEMENTAL SCHEDULE






<PAGE>


                         ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN
                                 PLAN NUMBER 001
                                   58-1027114

          SCHEDULE H, LINE 4j-SCHEDULE OF ASSETS (HELD AT END OF YEAR)

                                December 31, 2008

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



<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>

                                        Cash                                                                           $           3

    Invesco AIM Management Group, Inc.  AIM Dynamics I Fund, 24,681 units                                 (a)                322,332

    Alger Funds                         Alger Small Cap Growth Fund, 5 units                              (a)                     36

    AllianceBernstein Investments, Inc. AllianceBernstein Intl. Value Fund, 10,681 units                  (a)                110,552
                                        AllianceBernstein 2040 Retirement Strategy I Fund, 2,063 units    (a)                 14,624
                                        AllianceBernstein 2035 Retirement Strategy I Fund, 870 units      (a)                  6,054
                                        AllianceBernstein 2030 Retirement Strategy I Fund, 3,535 units    (a)                 24,571
                                        AllianceBernstein 2025 Retirement Strategy I Fund, 6,925 units    (a)                 48,613
                                        AllianceBernstein 2020 Retirement Strategy I Fund, 3,191 units    (a)                 22,433
                                        AllianceBernstein 2015 Retirement Strategy I Fund, 30,462 units   (a)                220,548
                                        AllianceBernstein 2010 Retirement Strategy I Fund, 6,067 units    (a)                 44,351

    Allianz Global Investors            Allianz NFJ Dividend Value Fund, 61,468 units                     (a)                592,549

*   Atlantic American Corporation       Atlantic American Corporation Common Stock Fund, 95,878 units   $858,354             394,959

    Baron Capital, Inc.                 Baron Growth Fund, 12,885 units                                   (a)                396,996

    Columbia Management                 Columbia Small Cap Value II Z Fund, 4,265 units                   (a)                 37,703
                                        Columbia Mid Cap Value Z Fund, 34,154 units                       (a)                288,602

    Dreyfus Mutual Funds                Dreyfus Premier Small Cap Equity I Fund, 15 units                 (a)                    107



</table>


                                       18





<PAGE>





                          ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN
                                 PLAN NUMBER 001
                                   58-1027114

    SCHEDULE H, LINE 4j-SCHEDULE OF ASSETS (HELD AT END OF YEAR) - CONTINUED

                                December 31, 2008
- --------------------------------------------------------------------------------
<table>


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

    Evergreen Investments            Evergreen International Bond Fund, 12 units                        (a)                      168
                                     Evergreen Select Strategic Growth I Fund, 14 units                 (a)                      138
                                     Evergreen International Equity, 13 units                           (a)                      174

    Fidelity Investments             Fidelity Puritan Fund, 51,080 units                                (a)                  667,103

    Goldman Sachs Group              Goldman Sachs Large Value Fund, 41 units                           (a)                      246

    JP Morgan Chase & Co.            JP Morgan High Yeild, 27 units                                     (a)                      206

    Lazard Limited                   Lazard Emerging Markets I Fund, 4 units                            (a)                       35

    Oppenheimer                      Oppenheimer Global Opportunities Y Fund, 6,027 units               (a)                   94,207

    PIMCO Funds                      PIMCO Real Return I (I) Fund, 23 units                             (a)                      234
                                     PIMCO Total Return I (I) Fund, 61 units                            (a)                      642
                                     PIMCO Total Return II (I) Fund, 66,139 units                       (a)                  678,399
                                     PIMCO High Yield Fund, 14 units                                    (a)                      139

    Putnam Investments               Putnam International Capital Opportunity Y Fund, 3,373 units       (a)                   65,472

    T. Rowe Price                    T. Rowe Price Blue Chip Growth Fund, 36,039 units                  (a)                  829,251
                                     T. Rowe Price Equity Income Fund, 21 units                         (a)                      211
                                     T. Rowe Price Growth Fund, 37 units                                (a)                      207
                                     T. Rowe Price Real Estate Fund, 13 units                           (a)                       69

    Vanguard Group                   Vanguard Small-Cap Index Inv Fund, 868 units                       (a)                   17,702
                                     Vanguard Mid-Cap Index Inv Fund, 1,122 units                       (a)                   13,244
                                     Vanguard Total Bond Market Index I Fund, 180 units                 (a)                    1,948

</table>





                                       19


<PAGE>





                          ATLANTIC AMERICAN CORPORATION
                         401(k) RETIREMENT SAVINGS PLAN
                                 PLAN NUMBER 001
                                   58-1027114

    SCHEDULE H, LINE 4j-SCHEDULE OF ASSETS (HELD AT END OF YEAR) - CONTINUED

                                December 31, 2008
- --------------------------------------------------------------------------------
<table>


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

*   Various Plan Participants        Participant loans with varying maturities and interest rates
                                     ranging from 5% to 9.25%                                           -                    123,689

*,**Wachovia Bank, NA                Enhanced Stock Market Fund of Wachovia A 5,431 units               (a)                  362,971
                                     Wachovia Diversified Stable Value A Fund, 1,428 units                                   483,057
                                     Diversified Bond Group Trust Fund, 42 units                        (a)                      405
                                     Stable Investment Fund, 26 units                                   (a)                      301
                                                                                                                    ----------------
    TOTAL                                                                                                           $      5,865,251
                                                                                                                    ================

* Indicates party in interest
** Common/collective trusts
(a) Participant-directed


</table>





                                       20









</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>form11k_exhibit2.txt
<DESCRIPTION>EXHIBIT 2 CONSENT OF BDO
<TEXT>


                                    Exhibit 2



CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Atlantic American Corporation 401(k) Retirement Savings Plan
Atlanta, Georgia

We  hereby  consent  to the  incorporation  by  reference  in  the  Registration
Statement  on Form S-8 (File No.  33-90890)  of our report  dated June 29, 2009,
relating to the  financial  statements  and  supplemental  schedules of Atlantic
American  Corporation 401(k) Retirement Savings Plan appearing on this Form 11-K
for the year ended December 31, 2008.


BDO SEIDMAN LLP
Atlanta, Georgia
June 29, 2009












</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>form11k_exhibit3.txt
<DESCRIPTION>EXHIBIT 3 CONSENT OF GHI
<TEXT>


                                    Exhibit 3



CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statement (Form
S-8  No.  33-90890)  pertaining  to the  Atlantic  American  Corporation  401(k)
Retirement  Savings Plan of our report dated June 19, 2008,  with respect to the
statement of net assets available for benefits of Atlantic American  Corporation
401(k)  Retirement  Savings Plan as of December 31, 2007 included in this Annual
Report (Form 11-K) for the year ended December 31, 2008.


GIFFORD, HILLEGASS & INGWERSEN LLP
Atlanta, Georgia
June 29, 2009












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