- --------------------------------------------------------------------------------

                       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) November 12, 1996
                                                       -----------------
                                                      (November 8, 1996)




                        ATLANTIC AMERICAN CORPORATION
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)




        Georgia                       0-3722                   58-1027114
 ---------------------         --------------------     ------------------------
    (State or other              (Commission File           (I.R.S. Employer
    jurisdiction of                   Number)              Identification No.)
     incorporation                                               

                4370 PEACHTREE ROAD, N.E., ATLANTA, GEORGIA 30319
               ---------------------------------------------------
               (Address of principal executive offices) (Zip Code)


      Registrant's telephone number, including area code (404) 266-5500
                                                         --------------


                                      None
   --------------------------------------------------------------------------
   (Former name, former address and former fiscal year, if changed since last
                                    report)

- --------------------------------------------------------------------------------


Item 5.  Other Events.

On November 8, 1996,  Atlantic  American  Corporation (the "Company")  announced
corrections  to its  calculation  of net income from  continuing  operations per
share for the second and third quarters of 1996. The corrections  were necessary
in order to give effect to accruals for dividends on the  Company's  outstanding
preferred stock that were omitted in the previously announced earnings per share
computations.  As a result, net income from continuing  operations for the three
and nine month periods ended September 30, 1996,  should have been $.09 and $.25
per share  (rather  than $.11 and $.31 per share),  respectively.  In  addition,
giving effect to the accruals for the three and six month periods ended June 30,
1996, net income from continuing  operations  should have been $.08 and $.16 per
share (rather than $.10 and $.20 per share), respectively.

Item 7.  Financial Statements and Exhibits.

    (a)  Financial statements of business acquired.

         Not Applicable.

    (b)  Pro forma financial information.

         Not Applicable.

    (c)  Exhibits

         99.1 --      Press Release issued November 8, 1996.




































                                       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
                                                     (Registrant)




Date: November 12, 1996                   By:/s/      
      -----------------                      -----------------------------------
                                             John W. Hancock
                                             Senior Vice President-Treasurer
                                             (Principal Financial Officer)











































                                       2

                                                                    EXHIBIT 99.1



NEWS RELEASE                               For further information contact:
For Immediate Release                      John W. Hancock
                                           Senior Vice President and Treasurer
                                           Atlantic American Corporation
                                           (404) 266-5500



               ATLANTIC AMERICAN CORPORATION REPORTS CORRECTION

ATLANTA,  November 8, 1996 -- Atlantic American Corporation  (NASDAQ-AAME) today
announced   corrections  to  its  calculation  of  net  income  from  continuing
operations  per share for the  second  and third  quarters  of 1996.  Actual net
income (loss) for the quarters and year-to-date  were not affected and remain as
previously  announced.  

Giving  effect to accruals  for  dividends  on Atlantic  American's  outstanding
preferred stock that were omitted in the previously announced earnings per share
computations, net income from continuing operations for the three and nine month
periods  ended  September  30,  1996,  should  have been $.09 and $.25 per share
(rather than $.11 and $.31 per share), respectively.  In addition, giving effect
to such accruals for the three and six month  periods  ended June 30, 1996,  net
income  from  continuing  operations  should  have  been $.08 and $.16 per share
(rather than $.10 and $.20 per share), respectively. Corrected summary financial
data for those periods are attached.

Atlantic  American is an insurance holding company involved in specialty markets
of the life, health,  property and casualty insurance industries.  Its principal
subsidiaries  include  American  Southern  Insurance  Company,  American  Safety
Insurance Company,  Atlantic American Life Insurance  Company,  Bankers Fidelity
Life Insurance Company and Georgia Casualty & Surety Company.

                 ATLANTIC AMERICAN CORPORATION FINANCIAL DATA
                                   (Unaudited)




                                      Three Months Ended      Nine Months Ended
(In thousands, except per share data)    September 30,          September 30,
                                      ------------------      ------------------
                                        1996      1995          1996      1995
                                      --------  --------      --------  --------


Revenue                                $25,681   $13,588       $74,868  $38,271
                                       =======   =======       =======  ========

Net income (loss):

  Continuing operations                 $2,068    $1,207        $5,835   $2,149

  Discontinued operations                    0    (1,404)       (4,447)  (4,384)

                                       -------   --------      -------- --------

  Net income (loss)                     $2,068     ($197)       $1,388  ($2,235)
                                       =======   ========      ======== ========


Net income (loss) per common share:

  Continuing operations                  $0.09     $0.06         $0.25    $0.11

  Discontinued operations                 0.00     (0.07)        (0.24)   (0.24)

                                       -------   --------      -------- --------

  Net income (loss)                      $0.09    ($0.01)         $0.01  ($0.13)
                                       =======   ========      ======== ========


Weighted average common 
   shares outstanding                   18,869    18,732         18,860  18,627
                                       =======   ========      ======== ========

                  ATLANTIC AMERICAN CORPORATION FINANCIAL DATA
                                   (Unaudited)




                                      Three Months Ended      Six Months Ended
(In thousands, except per share data)      June 30,               June 30,
                                      ------------------      ------------------
                                        1996      1995          1996      1995
                                      --------  --------      --------  --------


Revenue                                $24,414   $12,772      $49,187   $24,683
                                       =======   ========     ========  ========
   
Net income (loss):

  Continuing operations                 $1,790      $723       $3,767      $942

  Discontinued operations               (4,447)   (3,205)      (4,447)   (2,980)

                                       --------  --------     --------  --------

  Net income (loss)                    ($2,657)  ($2,482)       ($680)  ($2,038)
                                       ========  ========     ========  ========


Net income (loss) per common share:

  Continuing operations                  $0.08     $0.03        $0.16     $0.04

  Discontinued operations                (0.24)    (0.17)       (0.24)    (0.16)

                                       --------   ---------   --------  --------

  Net income (loss)                     ($0.16)   ($0.14)      ($0.08)   ($0.12)
                                       ========   =========   ========  ========


Weighted average common 
   shares outstanding                   18,901    18,588       18,855    18,574
                                       ========   =========    ========  =======