Form 8-K




SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K


Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934


            Date of Report (Date of Earliest Event Reported): December 6, 2002 (December 4, 2002)



ATLANTIC AMERICAN CORPORATION
 (Exact Name of Registrant as Specified in Its Charter)




Georgia
(State or Other Jurisdiction of Incorporation)		 0-3722
 (Commission File Numbers)		 58-1027114
 (I.R.S. Employer Identification No.)
 
4370 Peachtree Rd., N.E.
Atlanta, Georgia
(Address of Principal Executive Offices)		   30319
(Zip Code)


            Registrant's Telephone Number, Including Area Code:      (404) 266-5500


Not Applicable

(Former Name or Former Address, if Changed Since Last Report)











Item 5.  Other Events

        On December 4, 2002, the registrant, through a newly-formed, wholly-owned subsidiary, Atlantic American Statutory Trust I, completed the private issuance of $17.5 million aggregate amount of floating rate capital securities, as a part of a pooled transaction that involved various other insurance companies. Net proceeds to the Company were approximately $17 million of which $12 million was used to repay existing bank debt. The balance of the proceeds is to be used for general corporate purposes including the provision of additional capital to the subsidiary insurance companies. The securities issued have a floating rate of interest, currently 5.42%, and have a stated term of 30 years, although they may be redeemed in whole or in part, after five years at the option of the Company.

        The floating rate capital securities have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Item 9.  Regulation FD Disclosure

        On December 6, 2002, the registrant issued the press release attached as Exhibit 99.1.






SIGNATURE

           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 thereunto duly authorized.

  ATLANTIC AMERICAN CORPORATION
 
    By:    /s/ John G. Sample, Jr.
            John G. Sample, Jr.
          Senior Vice President and Chief Financial Officer

                          Date:   December 6, 2002





EXHIBIT INDEX

Exhibits:

Exhibit 99.1       Press release dated December 6, 2002