Atlantic American Corporation Announces Special Cash Dividend

Atlantic American Corporation (NASDAQ - AAME) today announced that its board of directors has declared a special cash dividend of $0.02 per share that will be payable on or about April 30, 2011, as described in more detail below, to shareholders of record as of March 31, 2011.

“This special dividend reflects the continuing growth of our Company and the Company’s sound balance sheet. Further, it demonstrates our commitment to our shareholders and to enhancing shareholder value. We remain focused on the long-term growth and profitability of our Company,” said Hilton H. Howell, Jr., chairman, president and chief executive officer.

The exact timing of the cash dividend payment and, for certain shareholders the exact amount of the cash payment to be received, will be dependent upon the timing of the completion by the dividend paying agent of certain tax certification procedures. As part of such procedures, shareholders may be required to complete and return to the dividend paying agent an IRS Form W-8 or Form W-9, as appropriate, or other similar forms in order to certify that such holder is not subject to backup withholding under Internal Revenue Service guidelines. Failure to complete and return the appropriate form will subject the holder to having a portion of the dividend payment withheld to satisfy tax obligations. Shareholders are urged to consult with their financial advisors regarding their individual tax circumstances.

Atlantic American is an insurance holding company involved through its subsidiary companies in specialty markets of the life, health, and property and casualty insurance industries. Its principal subsidiaries consist of American Southern Insurance Company, American Safety Insurance Company, and Bankers Fidelity Life Insurance Company.

Note regarding Private Securities Litigation Reform Act: Except for historical information contained herein, this press release contains forward-looking statements that involve a number of risks and uncertainties. Actual results could differ materially from those indicated by such forward-looking statements due to a number of factors and risks detailed from time to time in statements and reports that Atlantic American Corporation files with the Securities and Exchange Commission.

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