1ST ATLANTIC GUARANTY CORP
NT 10-Q, 1999-05-17
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                    U.S. SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D.C. 20549

                                  FORM 12B-25

                                                     SEC File Number 333-41361

                          NOTIFICATION OF LATE FILING

                                                            (Check One):
[ ] Form 10-K  [ ] Form 11-K  [ ] Form 20-F  [X] Form 10-Q  [ ] Form N-SAR For
Period Ended: March 31, 1999
              --------------

      Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.

      If the  notification  relates to a portion of the filing  checked above,
identify the Item(s) to which notification relates:___________________________

 ----------------------------------------------------------------------------
PART I - REGISTRANT INFORMATION
 ----------------------------------------------------------------------------

      Full Name of Registrant:  1st ATLANTIC GUARANTY CORPORATION

      Former Name if Applicable:

      Address of Principal Executive Office (Street and Number):
            7920 NORFOLK AVENUE, SUITE 1150, BETHESDA, MD 20814-2595

 ----------------------------------------------------------------------------
PART II - RULES 12B-25(B) AND (C)
 ----------------------------------------------------------------------------

      If the subject report could not be filed without  unreasonable effort or
expense  and the  registrant  seeks  relief  pursuant to Rule  12b-25(b),  the
following should be completed. (Check box if appropriate)

[ ]   (a)   The reasons  described  in  reasonable  detail in Part III of this
      form could not be eliminated without unreasonable effort or expense;

[X]   (b)   The  subject  Quarterly  Report  on Form  10-Q will be filed on or
      before the fifth calendar day following the prescribed due date; and

[ ]   (c)   The  accountant's  statement  or other  exhibit  required  by Rule
      12b-25(c) has been attached if applicable.


<PAGE>

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PART III - NARRATIVE
 ----------------------------------------------------------------------------

State below in reasonable  detail the reasons why the Form 10-A could not be
filed within the prescribed time period.

      Awaiting finalization of accounting detail

 ----------------------------------------------------------------------------
PART IV - OTHER INFORMATION
 ----------------------------------------------------------------------------

      (1)   Name and  telephone  number of person to contact in regard to this
notification:

     DAVID M. KOWALSKI                      301     -      656-4200 EXT 359
 ----------------------------------------------------------------------------
        (Name)                          (Area Code)       (Telephone Number)

      (2)   Have all other periodic reports required under Section 13 or 15(d)
of the Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such  report(s)  been filed?  If the answer is
no, identify report(s).
                                                                [ ] Yes [X] No

      SPECIAL REPORT PURSUANT TO RULE 15d-2 UNDER THE SECURITIES  EXCHANGE ACT
      OF 1934 FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 1999.

      (3)   Is it  anticipated  that any  significant  change  in  results  of
operations  from the  corresponding  period for the last  fiscal  year will be
reflected by the earnings  statements to be included in the subject  report or
portion thereof?

      If so: attach an explanation of the anticipated change, both narratively
and  quantitatively,  and, if appropriate,  state the reasons why a reasonable
estimate of the results cannot be made.


                                      2

<PAGE>

                       1st ATLANTIC GUARANTY CORPORATION
 ----------------------------------------------------------------------------
                 (Name of Registrant as specified in charter)

has caused  this  notification  to be signed on its behalf by the  undersigned
thereunto duly authorized.


Date: May 17, 1999                         By: /s/JOHN J. LAWBAUGH
      ------------                             -------------------
                                               John J. Lawbaugh
                                               President and Treasurer



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