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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[_] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations
may continue. See Instruction 1(b).
[_] Form 3 Holdings Reported
[_] Form 4 Transactions Reported
________________________________________________________________________________
1. Name and Address of Reporting Person*
Robinson J. Mack
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(Last) (First) (Middle)
4370 Peachtree Road, NE
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(Street)
Atlanta Georgia 30319-3000
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(City) (State) (Zip)
________________________________________________________________________________
2. Issuer Name and Ticker or Trading Symbol
Atlantic American Corporation - AAME
________________________________________________________________________________
3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
###-##-####
________________________________________________________________________________
4. Statement for Month/Year
December, 1998
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5. If Amendment, Date of Original (Month/Year)
________________________________________________________________________________
6. Relationship of Reporting Person to Issuer
(Check all applicable)
[X] Director [X] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
Chairman
________________________________________________________________________________
7. Individual or Joint/Group Filing
(Check applicable line)
[X] Form filed by one Reporting Person
[_] Form filed by more than one Reporting Person
________________________________________________________________________________
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
5. 6.
4. Amount of Owner-
Securities Acquired (A) or Securities ship
Disposed of (D) Beneficially Form: 7.
(Instr. 3, 4 and 5) Owned at End Direct Nature of
2. 3. ----------------------------- of Issuer's (D) or Indirect
1. Transaction Transaction (A) Fiscal Year Indirect Beneficial
Title of Security Date Code Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) (Instr. 8) (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 3,985 I 401(k)
Plan (1)
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Common Stock N/A 733,719 D
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Common Stock N/A 294,000 I By Delta
Fire &
Casualty
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Common Stock N/A 8,043,053 I By Spouse
2***
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Common Stock N/A 3,381,202 I By Gulf
Capital
Services(3)
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Common Stock N/A 936,702 I By Delta
Life Ins.
Co.
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</TABLE>
* If the form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Over)
(Form 5-07/98)
<PAGE>
FORM 5 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
================================================================================
<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- Securities Date Securities Price Bene- ity: In-
cise 3. Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- 4. or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Trans- of (D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date action (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ Code 4 and 5) Date Expira- Number ity Year (I) ship
Security Secur- Day/ (Instr. ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) 8) (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock
Option (4) N/A Cmn. Stk. 120,000 120,000 D
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Option to Buy(5) N/A Cmn. Stk. 7,000 7,000 I By Spouse
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====================================================================================================================================
</TABLE>
Explanation of Responses:
1 The information herein is based on a plan statement as of January 5, 1999.
2 Includes 204,585 shares held directly by spouse; 6,720 shares held by spouse,
jointly with grandson; 3,893,256 shares held directly by Trust for daughter,
Robin Robinson with spouse as trustee; and, 3,938,492 shares held directly by
Trust for daughter, Jill Robinson, with spouse as trustee.
3 Reporting person individually holds a 24% interest in the Partnership. The
remaining partnerships are held in equal shares by Trusts for the reporting
person's daughters, with the reporting person's spouse as Trustee. The
reporting person disclaims beneficial ownership for 76% of the securities
held by Gulf Capital Services, representing the Trusts' proportionate part-
nership interest.
4 Options to buy Common Stock, granted at an exercise price ranging from $2.50
to $3.734 per share under the Atlantic American Corporation 1992 Incentive
Plan.
5 Granted pursuant to the Company's 1996 Director Stock Option Plan at option
prices ranging from $3.00 to $4.4375.
2/2/99
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J. Mack Robinson Date
**Signature of Reporting Person
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
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