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Form 8-K

sec.gov

8-K — ATLANTIC AMERICAN CORP

Accession: 0001140361-26-039912

Filed: 2026-10-16

Period: 2026-10-09

CIK: 0000008177

SIC: 6311 (LIFE INSURANCE)

Item: Entry into a Material Definitive Agreement

Item: Financial Statements and Exhibits

Documents

8-K — ef20083955_8k.htm (Primary)

EX-10.1 — EXHIBIT 10.1 (ef20083955_ex10-1.htm)

EX-10.2 — EXHIBIT 10.2 (ef20083955_ex10-2.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ef20083955_8k.htm · Sequence: 1

false000000817700000081772026-10-092026-10-09

UNITED STATES

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)

October 16, 2026 (October 9, 2026)

ATLANTIC AMERICAN CORPORATION

(Exact name of registrant as specified in its charter)

Georgia

0-3722

58-1027114

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

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

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $1.00 per share

AAME

The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01.

Entry into a Material Definitive Agreement.

Fourth Amendment to Credit Agreement

On October 9, 2026, Atlantic American Corporation (the “Company”) entered into a Fourth Amendment (the “Fourth Amendment”)

to its Revolving Credit Agreement dated as of May 12, 2021 (as amended, the “Credit Agreement”) with Truist Bank as the lender (the “Lender”).  The Fourth Amendment extended the date by which the Company must deliver to the Lender (i) the Company’s

audited consolidated financial statements for the year ended December 31, 2025 to not later than October 15, 2026 and (ii) the Company’s interim consolidated financial statements for the quarters ended March 31, 2026, June 30, 2026 and September 30,

2026 to not later than November 30, 2026. In each case, the Fourth Amendment also extended the date by which the Company must deliver to the Lender related certificates of the Company’s compliance with financial covenants under the Credit Agreement

and certain other matters for the applicable period.

Fifth Amendment to Credit Agreement

On October 15, 2026, the Company and the Lender entered into a Fifth Amendment and Waiver (the “Fifth Amendment”) to the

Credit Agreement. The Fifth Amendment further extended to not later than October 23, 2026 the date by which the Company must deliver to the Lender the Company’s audited consolidated financial statements for the year ended December 31, 2025 and

related certificates of the Company’s compliance with financial covenants under the Credit Agreement and certain other matters. The Fifth Amendment also amended the minimum AM Best financial strength rating that must be maintained by the Company’s

subsidiary, American Southern Insurance Company, to be no lower than “A-” and waived related defaults under the Credit Agreement occurring prior to the Fifth Amendment.

The foregoing description of the Fourth Amendment and the Fifth Amendment does not purport to be complete and is qualified

in its entirety by reference to the full text of the Fourth Amendment and the Fifth Amendment, copies of which are attached hereto as Exhibit 10.1 and Exhibit 10.2, respectively.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit

Number

Description of Exhibit

10.1

Fourth Amendment to Revolving Credit Agreement, dated as of October 9, 2026, by and between Atlantic American Corporation and Truist Bank.

10.2

Fifth Amendment to Revolving Credit Agreement and Waiver, dated as of October 15, 2026, by and between Atlantic American Corporation and Truist Bank.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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, hereunto duly authorized.

ATLANTIC AMERICAN CORPORATION

By:

/s/ Nickeesha Bates

Nickeesha Bates

Vice President, Corporate Controller, Corporate Accounting/Finance

Date:  October 16, 2026

EX-10.1 — EXHIBIT 10.1

EX-10.1

Filename: ef20083955_ex10-1.htm · Sequence: 2

Exhibit 10.1

Execution Version

FOURTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

This FOURTH AMENDMENT TO REVOLVING CREDIT AGREEMENT, dated as of October 9, 2026 and

effective as of the Effective Date (as defined below) (this “Amendment”), by and between ATLANTIC AMERICAN CORPORATION, a Georgia corporation (the “Borrower”),

and TRUIST BANK (the “Lender”).

RECITALS

A.         Borrower and Lender previously entered

into that certain Revolving Credit Agreement dated as of May 12, 2021 (as amended by that certain First Amendment to Revolving Credit Agreement, dated as of March 22, 2024, as amended by that certain Second Amendment to Revolving Credit

Agreement, dated as of May 27, 2026, as amended by that certain Third Amendment to Revolving Credit Agreement, dated as of July 31, 2026, and as further amended from time to time, including pursuant to this Amendment, the “Credit Agreement”), pursuant to which Lender has made a revolving credit facility available to Borrower.

B.          Borrower has requested that Lender

amend the Credit Agreement as set forth herein, and Lender is willing to grant such request, subject to the terms and conditions hereof.

NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the

parties hereto agree as follows:

1.           Defined

Terms.  Capitalized terms used but not otherwise defined herein have the respective meanings given to them in the Credit Agreement.

2.          Amendments

to Credit Agreement.  The Credit Agreement is hereby amended as follows, which amendments shall be effective as of the Effective Date:

(a)          Section 6.1(a) of the Credit Agreement

is hereby amended and restated in its entirety to read as follows:

“(a)          as soon as available and in any event

within one hundred twenty (120) days after the end of each Fiscal Year of the Borrower (except for the Fiscal Year ending on December 31, 2025, which shall be delivered as soon as available but in any event no later than October 15, 2026), a copy

of the annual audited report for such Fiscal Year for the Borrower and its Subsidiaries, containing consolidated balance sheets of the Borrower and its Subsidiaries as of the end of such Fiscal Year and the related consolidated statements of

income, stockholders’ equity and cash flows (together with all footnotes thereto) of the Borrower and its Subsidiaries for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, all in

reasonable detail and reported on by independent public accountants acceptable to the Lender (without a ”going concern“ or like qualification, exception or explanation and without any qualification or exception as to the scope of such audit) to

the effect that such financial statements present fairly in all material respects the financial condition and the results of operations of the Borrower and its Subsidiaries for such Fiscal Year on a consolidated basis in accordance with GAAP and

that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards;”.

(b)          Section 6.1(b) of the Credit Agreement

is hereby amended and restated in its entirety to read as follows:

“(b)          as soon as available and in any event

within forty five (45) days after the end of each Fiscal Quarter of the Borrower (except for (i) the Fiscal Quarters ending on March 31, 2026, June 30, 2026 and September 30, 2026, which shall be delivered as soon as available but in any event no

later than November 30, 2026 and (ii) each Fiscal Quarter ending on December 31 of each year), an unaudited, internally-prepared, consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such Fiscal Quarter and the related

unaudited consolidated statements of income (specifying, among other things, depreciation and interest expense) of the Borrower and its Subsidiaries for such Fiscal Quarter and the then elapsed portion of such Fiscal Year, setting forth in each

case in comparative form the figures for the corresponding Fiscal Quarter and the corresponding portion of the Borrower’s previous Fiscal Year;”.

(c)          Section 6.1(c) of the Credit Agreement

is hereby amended and restated in its entirety to read as follows:

“(c)          as soon as available and in any event

within forty five (45) days after the end of each Fiscal Quarter of the Borrower (except for (A) the Fiscal Quarter ending on December 31 of each year and (B) the Fiscal Quarters ending on March 31, 2026, June 30, 2026 and September 30, 2026,

respectively, which shall be delivered concurrently with the consolidated financial statements required under Section 6.1(a) or 6.1(b), as applicable), a Compliance Certificate signed by the principal executive officer or the principal financial

officer of the Borrower (i) certifying as to whether there exists a Default or Event of Default on the date of such certificate and, if a Default or an Event of Default then exists, specifying the details thereof and the action which the Borrower

has taken or proposes to take with respect thereto, (ii) setting forth in reasonable detail calculations demonstrating compliance with the financial covenants set forth in Article VII, (iii) specifying any change in the identity of the

Subsidiaries as of the end of such Fiscal Quarter or Fiscal Year, as applicable, from the Subsidiaries identified to the Lender on the Closing Date or the date of the most recent Compliance Certificate, as applicable, and (v) stating whether any

change in GAAP or the application thereof has occurred since the Closing Date or the date of the most recent Compliance Certificate, as applicable, and, if any change has occurred, specifying the effect of such change on the financial statements

accompanying such Compliance Certificate; and”.

3.           Effectiveness;

Conditions Precedent. This Amendment and the amendments contemplated herein shall be effective on the date that each of the following conditions precedent has been satisfied in Lender’s discretion (such date, the “Effective Date”):

(a)

Lender shall have received each of the following documents or instruments in form and substance acceptable to Lender:

(i)

counterparts of this Amendment, duly executed by Borrower; and

(ii)

all due diligence items, documentation and information from the Borrower requested by Lender, including all documentation and other information required by bank regulatory authorities under applicable “know your

customer” and anti-money laundering rules and regulations, including the PATRIOT Act;

(b)

since December 31, 2024, there shall have been no event or occurrence which has had or could reasonably be expected to have a Material Adverse Effect;

2

(c)

Lender shall have received payment of all reasonable, out-of-pocket costs and expenses of Lender (including the reasonable fees, charges and disbursements of counsel to Lender).

4.         Representations

and Warranties.  In order to induce Lender to enter into this Amendment, Borrower hereby represents and warrants to Lender as follows: (a) after giving effect to this Amendment, the representations and warranties of Borrower

contained in the Credit Agreement and in the other Loan Documents are true and correct in all material respects (except to the extent qualified by materiality or Material Adverse Effect, in which case such representations and warranties shall be

true and correct in all respects) on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (except to the

extent qualified by materiality or Material Adverse Effect, in which case such representations and warranties shall be true and correct in all respects) as of such earlier date; (b) this Amendment has been duly authorized, executed and delivered

by, and constitutes a legal, valid and binding obligation of Borrower, except as may be limited by general principles of equity or by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting

creditors’ rights generally; and (c) after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing, or shall be caused by the transactions contemplated by this Amendment.

5.       Entire

Agreement. This Amendment, together with the other Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in

relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant

Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no

representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof.  None of the terms or conditions of this Amendment may be changed, modified, waived or

canceled orally or otherwise, except in writing signed by Lender.

6.        Reaffirmation

of Loan Documents. Except as hereby specifically amended, modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and

effect according to their respective terms.

7.           Counterparts.

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Delivery of an

executed counterpart of a signature page of this Amendment by electronic transmission (including .PDF) shall be effective as delivery of a manually executed counterpart of this Amendment. Electronic records of executed Loan Documents maintained

by Lender shall deemed to be originals.

8.          Governing

Law. THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE

CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF) OF THE STATE OF GEORGIA.

9.          Enforceability.

Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.

10.        References.

This Amendment shall be a Loan Document.  All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit Agreement as amended by this Amendment.

[Remainder

of page intentionally blank; signature page follows.]

3

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above.

BORROWER:

ATLANTIC AMERICAN CORPORATION

By:

/s/ Nickeesha Bates

Name:

Nickeesha Bates

Title:

Vice President

Atlantic American Corporation

Fourth Amendment to Revolving Credit Agreement

Signature Page

LENDER:

TRUIST BANK

By:  /s/ Richard W. Jantzen, III

Name: Richard W. Jantzen, III

Title:   Director

Atlantic American Corporation

Fourth Amendment to Revolving Credit Agreement

Signature Page

EX-10.2 — EXHIBIT 10.2

EX-10.2

Filename: ef20083955_ex10-2.htm · Sequence: 3

Exhibit 10.2

Execution Version

FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

This FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER, dated as of October 15, 2026

and effective as of the Effective Date (as defined below) (this “Amendment”), by and between ATLANTIC AMERICAN CORPORATION, a Georgia corporation (the “Borrower”),

and TRUIST BANK (the “Lender”).

RECITALS

A.         Borrower and Lender previously entered

into that certain Revolving Credit Agreement dated as of May 12, 2021 (as amended by that certain First Amendment to Revolving Credit Agreement, dated as of March 22, 2024, as amended by that certain Second Amendment to Revolving Credit

Agreement, dated as of May 27, 2026, as amended by that certain Third Amendment to Revolving Credit Agreement, dated as of July 31, 2026, as amended by that certain Fourth Amendment to Revolving Credit Agreement, dated as of October 9, 2026, and

as further amended from time to time, including pursuant to this Amendment, the “Credit Agreement”), pursuant to which Lender has made a revolving credit facility available to Borrower.

B.        Borrower has informed Lender that on

April 22, 2026, the AM Best financial strength rating of American Southern was downgraded to “A-” in violation of the covenant set forth in Section 8.12 of the Credit Agreement, constituting an Event of Default under Section 9.1(c) of the Credit

Agreement (the “Required Insurance Rating Default”), and Borrower failed to provide Lender with prompt written notice of the Required Insurance Rating Default as required by Section 6.2(a) of the

Credit Agreement, constituting an Event of Default under Section 9.1(c) of the Credit Agreement (the “Notice Default” and, together with the Required Insurance Rating Default, the “Specified Events of Default”).

C.         Borrower has requested that Lender (i)

waive the Specified Events of Default, (ii) waive any Resulting Default (as defined in Schedule A) and (iii) amend the Credit Agreement as set forth herein, and Lender is willing to grant such request, subject to the terms and conditions hereof.

NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the

parties hereto agree as follows:

1.           Defined

Terms.  Capitalized terms used but not otherwise defined herein have the respective meanings given to them in the Credit Agreement.

2.          Waiver.

Subject to satisfaction of each of the conditions set forth in Section 4 of this Amendment, and in reliance on the representations and warranties of Borrower set forth in this Amendment, Lender hereby waives the Specified Events of Default and

any Resulting Default.  The waiver of the Specified Events of Default and any Resulting Default is a one-time waiver only, and shall not be deemed to constitute an agreement by Lender to waive any future Default or Event of Default under the

Credit Agreement or any of the Loan Documents, or any future breach of any other provisions of the Credit Agreement or of any of the Loan Documents.  Except as set forth in this Section 2, nothing contained in this Amendment shall be construed as

a waiver by Lender of any covenant or provision of the Credit Agreement, the other Loan Documents, this Amendment, or of any other contract or instrument among Borrower and Lender, and the failure of Lender at any time or times hereafter to

require strict performance by Borrower of any provision thereof shall not waive, affect or diminish any right of Lender to thereafter demand strict compliance therewith.  Lender hereby reserves all rights granted under the Credit Agreement, the

other Loan Documents, this Amendment and any other contract or instrument among Lender and Borrower.  Further, Borrower warrants and represents that no Default or Event of Default exists other than the Specified Events of Default and any

Resulting Default, and nothing contained herein shall be deemed to constitute a waiver by Lender of any Default or Event of Default which may nonetheless exist as of the date hereof other than the Specified Events of Default and any Resulting

Default.

3.          Amendments

to Credit Agreement.  The Credit Agreement is hereby amended as follows, which amendments shall be effective as of the Effective Date:

(a)          Section 6.1(a) of the Credit Agreement

is hereby amended and restated in its entirety to read as follows:

“(a)          as soon as available and in any event

within one hundred twenty (120) days after the end of each Fiscal Year of the Borrower (except for the Fiscal Year ending on December 31, 2025, which shall be delivered as soon as available but in any event no later than October 23, 2026), a copy

of the annual audited report for such Fiscal Year for the Borrower and its Subsidiaries, containing consolidated balance sheets of the Borrower and its Subsidiaries as of the end of such Fiscal Year and the related consolidated statements of

income, stockholders’ equity and cash flows (together with all footnotes thereto) of the Borrower and its Subsidiaries for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, all in

reasonable detail and reported on by independent public accountants acceptable to the Lender (without a ”going concern“ or like qualification, exception or explanation and without any qualification or exception as to the scope of such audit) to

the effect that such financial statements present fairly in all material respects the financial condition and the results of operations of the Borrower and its Subsidiaries for such Fiscal Year on a consolidated basis in accordance with GAAP and

that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards;”.

(b)          Section 8.12 of the Credit Agreement is

hereby amended and restated in its entirety to read as follows:

“Section 8.12.          Required

Insurance Rating.  The Borrower shall not cause or permit, at any time during the term of this Agreement, either (a) the AM Best financial strength rating of American Southern to be lower than “A-”, (b) the AM Best financial strength rating of

Bankers Fidelity Life to be lower than “A-”, or (c) the AM Best long term issuer credit rating of the Borrower to be lower than “bbb-”.”

4.         Effectiveness;

Conditions Precedent. This Amendment and the amendments contemplated herein shall be effective on the date that each of the following conditions precedent has been satisfied in Lender’s discretion (such date, the “Effective Date”):

(a)

Lender shall have received each of the following documents or instruments in form and substance acceptable to Lender:

(i)

counterparts of this Amendment, duly executed by Borrower; and

(ii)

all due diligence items, documentation and information from the Borrower requested by Lender, including all documentation and other information required by bank regulatory authorities under applicable “know your

customer” and anti-money laundering rules and regulations, including the PATRIOT Act;

(b)

since December 31, 2024, there shall have been no event or occurrence which has had or could reasonably be expected to have a Material Adverse Effect;

2

(c)

Lender shall have received payment of all reasonable, out-of-pocket costs and expenses of Lender (including the reasonable fees, charges and disbursements of counsel to Lender).

5.         Representations

and Warranties.  In order to induce Lender to enter into this Amendment, Borrower hereby represents and warrants to Lender as follows: (a) after giving effect to this Amendment, the representations and warranties of Borrower

contained in the Credit Agreement and in the other Loan Documents are true and correct in all material respects (except to the extent qualified by materiality or Material Adverse Effect, in which case such representations and warranties shall be

true and correct in all respects) on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (except to the

extent qualified by materiality or Material Adverse Effect, in which case such representations and warranties shall be true and correct in all respects) as of such earlier date; (b) this Amendment has been duly authorized, executed and delivered

by, and constitutes a legal, valid and binding obligation of Borrower, except as may be limited by general principles of equity or by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting

creditors’ rights generally; and (c) after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing, or shall be caused by the transactions contemplated by this Amendment.

6.       Entire

Agreement. This Amendment, together with the other Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in

relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant

Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no

representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof.  None of the terms or conditions of this Amendment may be changed, modified, waived or

canceled orally or otherwise, except in writing signed by Lender.

7.         Reaffirmation

of Loan Documents. Except as hereby specifically amended, modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and

effect according to their respective terms.

8.           Counterparts.

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Delivery of an

executed counterpart of a signature page of this Amendment by electronic transmission (including .PDF) shall be effective as delivery of a manually executed counterpart of this Amendment. Electronic records of executed Loan Documents maintained

by Lender shall deemed to be originals.

9.          Governing

Law. THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE

CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF) OF THE STATE OF GEORGIA.

10.        Enforceability.

Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.

11.        References.

This Amendment shall be a Loan Document.  All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit Agreement as amended by this Amendment.

[Remainder

of page intentionally blank; signature page follows.]

3

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above.

BORROWER:

ATLANTIC AMERICAN CORPORATION

By:

/s/ Nickeesha Bates

Name:

Nickeesha Bates

Title:

Vice President

Atlantic American Corporation

Fifth Amendment to Revolving Credit Agreement

Signature Page

LENDER:

TRUIST BANK

By:  /s/ Richard W. Jantzen, III

Name: Richard W. Jantzen, III

Title:   Director

Atlantic American Corporation

Fifth Amendment to Revolving Credit Agreement

Signature Page

SCHEDULE A

As used herein, “Resulting Default” shall mean:

1.

Any representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with any Loan Document (including the Schedules attached thereto) and any amendments or

modifications hereof or waivers hereunder, or in any certificate, report, financial statement or other document submitted to the Lender by the Borrower or any representative of the Borrower pursuant to or in connection with any Loan Document

shall prove to be incorrect in any material respect (other than a representation or warranty that is expressly qualified by Material Adverse Effect or materiality, in which case such representation or warranty shall prove to be incorrect in

all respects) when made or deemed made or submitted, in each case to the extent directly resulting solely from a Specified Event of Default or any other Resulting Default; and

2.

Any Default or Event of Default, to the extent resulting from the Borrower’s failure to (a) furnish to the Lender written notice of the occurrence of any Specified Event of Default or any other Resulting Default,

or (b) deliver a written statement of an officer of the Borrower setting forth the details of the event or development requiring such notice of a Specified Event of Default or Resulting Default and any action taken or proposed to be taken

with respect thereto.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

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dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

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Data Type:

dei:submissionTypeItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

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- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

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Data Type:

dei:stateOrProvinceItemType

Balance Type:

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Period Type:

duration

X

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

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Data Type:

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Balance Type:

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Period Type:

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X

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

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duration

X

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

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Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

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Period Type:

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X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

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Data Type:

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Balance Type:

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Period Type:

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X

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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dei_WrittenCommunications

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