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<SEC-DOCUMENT>0000008177-10-000026.txt : 20101105
<SEC-HEADER>0000008177-10-000026.hdr.sgml : 20101105
<ACCEPTANCE-DATETIME>20101105154055
ACCESSION NUMBER:		0000008177-10-000026
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100930
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20101105
DATE AS OF CHANGE:		20101105

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:		101168567

	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_8k3rdqtr2010.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

<HTML>
<HEAD>
<TITLE>Form 8-K Press Release 3rd Quarter 2010</title>
</head>
<body>
<BR><BR><BR>
<p align=center><font size=3 face="times new roman"><b>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>
 Washington, D.C. 20549</b></font></p>

<p align=center><font size=4 face="times new roman"><b>FORM 8-K</b></font></p>

<p align=center><font size=3 face="times new roman"><b>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></font></p><BR>

<table align=center width=670 cellspacing=0 cellpadding=2 border=0>
<tr>
<td width=50%></td>
<td width=50%></td>
</tr>
<tr>
<td valign=top><font size=3 face="times new roman">Date of Report (Date of earliest event reported):&nbsp;<BR></font></td>
<td><font size=3 face="times new roman">&nbsp;&nbsp;November 5, 2010 (November 5, 2010)</font><hr noshade size=1></td>
</tr>
</table>
<BR>
<table align=center width=670 cellspacing=0 cellpadding=2 border=0>
<tr>
<td width=50%></td>
<td width=50%></td>
</tr>
<tr>
<td colspan=2 align=center>
<font size=3 face="times new roman"><b> ATLANTIC AMERICAN CORPORATION</b></font><hr noshade size=1></td>
</tr>
<tr>
<td colspan=2 align=center><font size=3 face="times new roman">(Exact name of registrant as specified in its charter)</font></td>
</tr>
</table>
<BR>

<table align=center width=670 cellspacing=0 cellpadding=0 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</font><hr noshade size=1></td>

<td align=center><font size=3 face="times new roman">0-3722</font><hr noshade size=1></td>

<td align=center><font size=3 face="times new roman">58-1027114</font><hr noshade size=1></td>
</tr>
<tr>
<td align=center><font size=3 face="times new roman">(State or other jurisdiction <BR>of incorporation)</font></td>
<td align=center><font size=3 face="times new roman">(Commission File Number)<BR>&nbsp;</font></td>
<td align=center><font size=3 face="times new roman">(I.R.S. Employer<BR>Identification No.)</font></td>
</tr>
<tr>
<td colspan=3>&nbsp;</td>
</tr>
<tr>

<td colspan=2><font size=3 face="times new roman">4370 Peachtree Rd., N.E., Atlanta, Georgia </font><hr noshade size=1></td>
<td align=center><font size=3 face="times new roman">30319</font><hr noshade size=1></td>
</TR>
<tr>
<td align=center colspan=2><font size=3 face="times new roman">(Address of principal executive offices)</font></td>
<td align=center><font size=3 face="times new roman">(Zip Code)</font></td>
</tr>
 <tr>
<td colspan=3>&nbsp;</td>
</tr>
</table>

<table align=center width=670 cellspacing=0 cellpadding=0 border=0>
<tr>
<td width=50%></td>
<td width=50%></td>
</tr>
<tr>
<td><font size=3 face="times new roman">Registrant's telephone number, including area code<BR>&nbsp;</font></td>

<td><font size=3 face="times new roman">&nbsp;&nbsp;(404) 266-5500</font><hr noshade size=1></td>
</tr>
<tr>
<td colspan=2>&nbsp;</td>
</tr>
<tr>
<td align=center colspan=2><font size=3 face="times new roman">N/A</font><hr noshade size=1></td>
</tr>
<tr>
<td align=center colspan=2><font size=3 face="times new roman">(Former name or former address, if changed since last report)</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=2 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=2 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=2 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;</td>

<td colspan=2><font size=2 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;</td>

<td colspan=2><font size=2 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 November 5, 2010, Atlantic
American Corporation (the &#147;Registrant&#148;) reported its results of
operations for its third quarter ended September 30, 2010. 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
November 5, 2010, reporting the results of operations of the Registrant for its
third quarter ended September 30, 2010. </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, or otherwise subject to the liabilities of that section or
Sections 11 and 12(a)(2) of the Securities Act of 1933.
</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> SIGNATURES</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; November 5, 2010</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 November 5, 2010</font></p>
<BR><BR><BR><BR>








</body>
</html>












</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>pressrelease11052010.htm
<DESCRIPTION>PRESS RELEASE DATED NOVEMBER 5, 2010
<TEXT>




<html>
<head>
<title>
Press Release 11-05-2010
</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 THIRD QUARTER PROFIT</b></font></p>




<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ATLANTA, Georgia, November
5, 2010 - Atlantic American Corporation (Nasdaq-AAME) today reported net income
of $525,000, or $0.02 per diluted share, for the three month period ended
September 30, 2010, compared to a net loss of $2.1 million, or $0.10 per diluted
share, for the three month period ended September 30, 2009. For the nine month
period ended September 30, 2010, net income was $1.0 million, or $0.03 per
diluted share, compared to a net loss of $1.8 million, or $0.10 per diluted
share, for the comparable period in 2009. Results for the three month and nine
month periods ended September 30, 2009 were primarily the result of an increase
in the Company&#146;s deferred tax asset valuation allowance of approximately
$1.8 million.</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total revenues for the
three month period ended September 30, 2010, were $27.1 million, increasing 6.3%
from $25.5 million for the three month period ended September 30, 2009.
Insurance premiums during this quarter increased $1.8 million, or 7.9%, from the
comparable 2009 premiums. For the nine month period ended September 30, 2010,
revenues were $80.2 million, increasing 4.3% from the comparable 2009 period
revenues of $76.9 million. Insurance premiums during the nine month period ended
September 30, 2010 increased $3.8 million, or 5.6%, from the comparable period
in 2009. Revenue and premium increases during both the three month and nine
month periods ended September 30, 2010 occurred primarily in the Company&#146;s
life and health operation. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commenting on the quarter,
Hilton H. Howell, Jr., president and chief executive officer, stated, &#147;With
our increasing premium levels, our core insurance operations remain solidly
profitable. We continue to make investments in new products and increase our
field force for greater penetration and broader distribution. While pleased with
this most recent quarter, we are focused on building our business. Even though
the soft property and casualty markets continue to challenge our property and
casualty business, we are optimistic that our life and health business will
continue with the steady growth exhibited in recent quarters.&#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 consist of American Southern Insurance Company, American
Safety Insurance Company, and Bankers Fidelity Life Insurance Company.</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>
Consolidated Financial Data</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>September 30,</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee" align=center colspan=3><font size=2 face="times new roman, serif">Nine months ended<BR>September 30,</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">2010</font><HR NOSHADE SIZE=1></td>
<td align=center><font size=2 face="times new roman, serif">2009</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=center colspan=2><font size=2 face="times new roman, serif">2010</font><HR NOSHADE SIZE=1></td>
<td align=center><font size=2 face="times new roman, serif">2009</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">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,577</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,774</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72,322</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,512</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">2,302</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">2,699</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">7,435</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">8,142</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">211</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">14</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">224</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">1</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">56</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</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">215</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">202</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;Total revenue</font></td>
<td align=right><font size=2 face="times new roman, serif">27,146</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">25,538</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">80,196</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">76,857</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">16,451</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">15,840</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">49,266</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">45,753</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">7,409</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">6,804</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">21,376</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">21,734</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">660</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">679</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">1,955</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">2,094</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">2,045</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">2,044</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">6,381</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">6,848</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">26,565</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">25,367</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">78,978</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">76,429</font><HR NOSHADE SIZE=1></td>
</tr>

<tr bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Income before income taxes</font></td>
<td align=right><font size=2 face="times new roman, serif">581</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">171</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">1,218</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">428</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">56</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">2,279</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">2,268</font><HR NOSHADE SIZE=1></td>
</tr>

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

<td><font size=2 face="times new roman, serif">Net income (loss)</font></td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;(2,108)</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,018</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;(1,840)</font><HR NOSHADE SIZE=3></td>
</tr>
<tr>

<td colspan=8>&nbsp;</td>

</tr>

<tr valign=top>
<td><font size=2 face="times new roman, serif">Net income (loss) per common share (basic and diluted)</font></td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)</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">&nbsp;<BR>Selected Balance Sheet Data</font></td>
<td align=center colspan=2><font face="times new roman, serif" size=2>September 30,<BR>2010</font><HR NOSHADE SIZE=1></td>


<td align=center><font face="times new roman, serif" size=2>December 31,<BR>2009</font><HR NOSHADE SIZE=1></td>

<td>&nbsp;</td>

</tr>
<tr>
<td bgcolor="#eeeeee"><font size=2 face="times new roman, serif">Total cash and investments</font></td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228,498</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>$&nbsp;&nbsp;&nbsp;215,539</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>273,563</font></td>
<td>&nbsp;</td>
<td align=right><font face="times new roman, serif" size=2>262,086</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>133,113</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td align=right bgcolor="#eeeeee"><font face="times new roman, serif" size=2>129,213</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 align=right bgcolor="#eeeeee"><font face="times new roman, serif" size=2>86,939</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td align=right bgcolor="#eeeeee"><font face="times new roman, serif" size=2>77,470</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>3.59</font></td>
<td>&nbsp;</td>
<td align=right><font face="times new roman, serif" size=2>3.16</font></td>
<td>&nbsp;</td>
</tr>
</table>

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