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Junior Subordinated Debentures (Tables) | 12 Months Ended
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Dec. 31, 2016
Junior Subordinated Debentures [Abstract] |
Financial structure of statutory business trusts | The financial structure of each of Atlantic American Statutory Trust I and II, as of December 31, 2016 and 2015, was as follows:
| Atlantic American Statutory Trust I | Atlantic American Statutory Trust II
JUNIOR SUBORDINATED DEBENTURES(1)(2) |  |  |  |  |  |
Principal amount owed | $18,042 | $23,196
Balance December 31, 2016 | $18,042 | $23,196
Less: Treasury debt(3) | — | (7,500)
Net balance December 31, 2016 | $18,042 | $15,696
Net balance December 31, 2015 | $18,042 | $15,696
Coupon rate | LIBOR + 4.00% | LIBOR + 4.10%
Interest payable | Quarterly | Quarterly
Maturity date | December 4, 2032 | May 15, 2033
Redeemable by issuer | Yes | Yes
TRUST PREFERRED SECURITIES |  |
Issuance date | December 4, 2002 | May 15, 2003
Securities issued | 17,500 | 22,500
Liquidation preference per security | $   1 | $   1
Liquidation value | $17,500 | $22,500
Coupon rate | LIBOR + 4.00% | LIBOR + 4.10%
Distribution payable | Quarterly | Quarterly
Distribution guaranteed by(4) | Atlantic American Corporation | Atlantic American Corporation
| (1) | For each of the respective debentures, the Company has the right at any time, and from time to time, to defer payments of interest on the Junior Subordinated Debentures for a period not exceeding 20 consecutive quarters up to the debentures’ respective maturity dates. During any such period, interest will continue to accrue and the Company may not declare or pay any cash dividends or distributions on, or purchase, the Company’s common stock nor make any principal, interest or premium payments on or repurchase any debt securities that rank equally with or junior to the Junior Subordinated Debentures. The Company has the right at any time to dissolve each of the trusts and cause the Junior Subordinated Debentures to be distributed to the holders of the Trust Preferred Securities.
| (2) | The Junior Subordinated Debentures are unsecured and rank junior and subordinate in right of payment to all senior debt of the Parent and are effectively subordinated to all existing and future liabilities of its subsidiaries.
| (3) | On August 4, 2014, the Company acquired $7,500 of the Junior Subordinated Debentures.
| (4) | The Parent has guaranteed, on a subordinated basis, all of the obligations under the Trust Preferred Securities, including payment of the redemption price and any accumulated and unpaid distributions to the extent of available funds and upon dissolution, winding up or liquidation.

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