Atlantic American (AAME) 10-Q 12 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 23, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	ATLANTIC AMERICAN CORP
Entity Central Index Key	0000008177
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		20,479,501
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Address, State or Province	GA

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 36,013	$ 12,630
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost: $205,124 and $219,924)	217,517	210,386
Equity securities, at fair value (cost: $7,168 and $10,515)	19,507	20,758
Other invested assets (cost: $7,005 and $6,905)	7,103	7,424
Policy loans	1,989	2,085
Real estate	38	38
Investment in unconsolidated trusts	1,238	1,238
Total investments	247,392	241,929
Receivables:
Reinsurance	30,481	26,110
Insurance premiums and other (net of allowance for doubtful accounts: $192 and $207)	17,996	15,223
Deferred income taxes, net	175	4,184
Deferred acquisition costs	38,801	37,094
Other assets	9,933	4,560
Intangibles	2,544	2,544
Total assets	383,335	344,274
LIABILITIES AND SHAREHOLDERS' EQUITY
Future policy benefits	92,685	90,257
Unearned premiums	28,152	24,206
Losses and claims	76,261	72,612
Other policy liabilities	1,226	1,973
Total insurance reserves and policyholder funds	198,324	189,048
Other liabilities	34,862	20,116
Junior subordinated debenture obligations, net	33,738	33,738
Total liabilities	266,924	242,902
Commitments and contingencies (Note 10)
Shareholders' equity:
Preferred stock, $1 par, 4,000,000 shares authorized; Series D preferred, 55,000 shares issued and outstanding; $5,500 redemption value	55	55
Common stock, $1 par, 50,000,000 shares authorized; shares issued: 22,400,894; shares outstanding: 20,479,501 and 20,170,360	22,401	22,401
Additional paid-in capital	57,819	57,414
Retained earnings	34,850	37,208
Accumulated other comprehensive income (loss)	9,791	(7,535)
Unearned stock grant compensation	(943)	(186)
Treasury stock, at cost: 1,921,393 and 2,230,534 shares	(7,562)	(7,985)
Total shareholders' equity	116,411	101,372
Total liabilities and shareholders' equity	$ 383,335	$ 344,274

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investments:
Fixed maturities, cost	$ 205,124	$ 219,924
Equity securities, cost	7,168	10,515
Other invested assets, cost	7,005	6,905
Receivables:
Insurance premiums and other, allowance for doubtful accounts	$ 192	$ 207
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	4,000,000	4,000,000
Preferred stock, shares issued (in shares)	55,000	55,000
Preferred stock, shares outstanding (in shares)	55,000	55,000
Preferred stock, redemption value	$ 5,500	$ 5,500
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	22,400,894	22,400,894
Common stock, shares outstanding (in shares)	20,479,501	20,170,360
Treasury stock, at cost (in shares)	1,921,393	2,230,534

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue:
Insurance premiums, net	$ 45,005	$ 42,557	$ 135,256	$ 127,604
Net investment income	2,187	2,215	6,834	7,111
Realized investment gains (losses), net	(430)	484	1,565	797
Unrealized gains on equity securities, net	944	1,083	2,096	753
Other income	39	31	139	88
Total revenue	47,745	46,370	145,890	136,353
Benefits and expenses:
Insurance benefits and losses incurred	34,719	33,087	104,177	98,478
Commissions and underwriting expenses	11,471	8,722	33,995	28,456
Interest expense	533	529	1,624	1,497
Other expense	2,766	2,960	8,142	9,168
Total benefits and expenses	49,489	45,298	147,938	137,599
Income (loss) before income taxes	(1,744)	1,072	(2,048)	(1,246)
Income tax expense (benefit)	(352)	138	(392)	(341)
Net income (loss)	(1,392)	934	(1,656)	(905)
Preferred stock dividends	(100)	(100)	(299)	(299)
Net income (loss) applicable to common shareholders	$ (1,492)	$ 834	$ (1,955)	$ (1,204)
Earnings (loss) per common share (basic and diluted) (in dollars per share)	$ (0.07)	$ 0.04	$ (0.10)	$ (0.06)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
Net income (loss)	$ (1,392)	$ 934	$ (1,656)	$ (905)
Available-for-sale fixed maturity securities:
Gross unrealized holding gain (loss) arising in the period	5,871	63	22,275	(10,327)
Related income tax effect	(1,232)	(13)	(4,677)	2,169
Subtotal	4,639	50	17,598	(8,158)
Less: reclassification adjustment for net realized (gains) losses included in net income (loss)	538	(484)	(344)	(797)
Related income tax effect	(113)	101	72	167
Subtotal	425	(383)	(272)	(630)
Total other comprehensive income (loss), net of tax	5,064	(333)	17,326	(8,788)
Total comprehensive income (loss)	$ 3,672	$ 601	$ 15,670	$ (9,693)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Unearned Stock Grant Compensation [Member]	Treasury Stock [Member]	Total
Balance, beginning of period at Dec. 31, 2017	$ 55	$ 22,401	$ 57,495	$ 30,993	$ 9,751	$ (579)	$ (7,133)
Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018 at Dec. 31, 2017				9,825	(9,825)
Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018 at Dec. 31, 2017				(2,100)	2,100
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(905)				$ (905)
Other comprehensive income (loss), net of tax					(8,788)			(8,788)
Dividends on common stock				(407)
Dividends accrued on preferred stock				(299)
Restricted stock grants, net of forfeitures			(88)			135	(47)
Amortization of unearned compensation						192
Purchase of shares for treasury	0	0					(463)
Net shares acquired related to employee share-based compensation plans							(223)
Issuance of shares under stock plans	0	0	12				16
Balance, end of period at Sep. 30, 2018	55	22,401	57,419	37,107	(6,762)	(252)	(7,850)	$ 102,118
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared on common stock (in dollars per share)								$ 0.02
Balance, beginning of period at Jun. 30, 2018	55	22,401	57,416	36,273	(6,429)	(322)	(7,727)
Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018 at Jun. 30, 2018				0	0
Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018 at Jun. 30, 2018				0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				934				$ 934
Other comprehensive income (loss), net of tax					(333)			(333)
Dividends on common stock				0
Dividends accrued on preferred stock				(100)
Restricted stock grants, net of forfeitures			0			0	0
Amortization of unearned compensation						70
Purchase of shares for treasury	0	0					(103)
Net shares acquired related to employee share-based compensation plans							(26)
Issuance of shares under stock plans	0	0	3				6
Balance, end of period at Sep. 30, 2018	55	22,401	57,419	37,107	(6,762)	(252)	(7,850)	$ 102,118
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared on common stock (in dollars per share)								$ 0
Balance, beginning of period at Dec. 31, 2018	55	22,401	57,414	37,208	(7,535)	(186)	(7,985)	$ 101,372
Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018 at Dec. 31, 2018				0	0
Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018 at Dec. 31, 2018				0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(1,656)				(1,656)
Other comprehensive income (loss), net of tax					17,326			17,326
Dividends on common stock				(403)
Dividends accrued on preferred stock				(299)
Restricted stock grants, net of forfeitures			396			(948)	552
Amortization of unearned compensation						191
Purchase of shares for treasury	0	0					(71)
Net shares acquired related to employee share-based compensation plans							(72)
Issuance of shares under stock plans	0	0	9				14
Balance, end of period at Sep. 30, 2019	55	22,401	57,819	34,850	9,791	(943)	(7,562)	$ 116,411
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared on common stock (in dollars per share)								$ 0.02
Balance, beginning of period at Jun. 30, 2019	55	22,401	57,444	36,342	4,727	(150)	(8,049)
Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018 at Jun. 30, 2019				0	0
Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018 at Jun. 30, 2019				0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(1,392)				$ (1,392)
Other comprehensive income (loss), net of tax					5,064			5,064
Dividends on common stock				0
Dividends accrued on preferred stock				(100)
Restricted stock grants, net of forfeitures			372			(877)	505
Amortization of unearned compensation						84
Purchase of shares for treasury	0	0					0
Net shares acquired related to employee share-based compensation plans							(23)
Issuance of shares under stock plans	0	0	3				5
Balance, end of period at Sep. 30, 2019	$ 55	$ 22,401	$ 57,819	$ 34,850	$ 9,791	$ (943)	$ (7,562)	$ 116,411
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared on common stock (in dollars per share)								$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,656)	$ (905)
Adjustments to reconcile loss to net cash used in operating activities:
Acquisition costs deferred, net	(1,707)	(2,240)
Realized investment gains, net	(1,565)	(797)
Unrealized gains on equity securities, net	(2,096)	(753)
Distributions received from equity method investees	379	725
Compensation expense related to share awards	191	192
Depreciation and amortization	588	783
Deferred income tax benefit	(596)	(1,335)
Increase in receivables, net	(7,917)	(7,882)
Increase in insurance reserves and policyholder funds	9,276	14,230
Increase (decrease) in other liabilities	3,271	(6,760)
Other, net	(5,738)	(377)
Net cash used in operating activities	(7,570)	(5,119)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from investments sold	119,929	28,177
Proceeds from investments matured, called or redeemed	5,907	4,577
Investments purchased	(94,316)	(40,827)
Additions to property and equipment	(44)	(252)
Net cash provided by (used in) investing activities	31,476	(8,325)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of dividends on common stock	(403)	(407)
Proceeds from shares issued under stock plans	23	28
Treasury stock acquired - share repurchase authorization	(71)	(463)
Treasury stock acquired - net employee share-based compensation	(72)	(223)
Net cash used in financing activities	(523)	(1,065)
Net increase (decrease) in cash and cash equivalents	23,383	(14,509)
Cash and cash equivalents at beginning of period	12,630	24,547
Cash and cash equivalents at end of period	36,013	10,038
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	1,644	1,471
Cash paid for income taxes	$ 1,625	$ 1,892

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Basis of Presentation [Abstract]
Basis of Presentation	Note 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Atlantic American Corporation (the “Parent”) and its subsidiaries (collectively with the Parent, the “Company”). The Parent’s primary operating subsidiaries, American Southern Insurance Company and American Safety Insurance Company (together known as “American Southern”) and Bankers Fidelity Life Insurance Company and Bankers Fidelity Assurance Company (together known as “Bankers Fidelity”), operate in two principal business units. American Southern operates in the property and casualty insurance market, while Bankers Fidelity operates in the life and health insurance market. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for audited annual financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. The unaudited condensed consolidated financial statements included herein and these related notes should be read in conjunction with the Company’s consolidated financial statements, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Annual Report”). The Company’s financial condition and results of operations and cash flows as of and for the three month and nine month periods ended September 30, 2019 are not necessarily indicative of the financial condition or results of operations and cash flows that may be expected for the year ending December 31, 2019 or for any other future period. The Company’s significant accounting policies have not changed materially from those set out in the 2018 Annual Report, except as noted below for the adoption of new accounting standards. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2019
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	Note 2. Recently Issued Accounting Standards Adoption of New Accounting Standards Leases. As part of the transition to the new standard, the Company was required to measure and recognize leases that existed at January 1, 2019 and elected to use a modified retrospective approach. For leases that existed at the effective date, the Company elected the package of three transition practical expedients and therefore did not reassess any of the following: (i) whether an arrangement is or contains a lease, (ii) lease classification, or (iii) what qualifies as an initial direct cost. The adoption of this ASU resulted in the Company recognizing a ROU asset of $6,088 as part of other assets and a lease liability of $6,088 as part of other liabilities in the consolidated balance sheet. The adoption of this ASU did not have a material effect on the Company’s results of operations or liquidity. Revenue from Contracts with Customers. Future Adoption of New Accounting Standards For information regarding accounting standards that the Company has not yet adopted, see the “Recently Issued Accounting Standards - Future Adoption of New Accounting Standards” section of Note 1 of Notes to Consolidated Financial Statements in the 2018 Annual Report.

Investments

Investments	9 Months Ended
	Sep. 30, 2019
Investments [Abstract]
Investments	Note 3. Investments The following tables set forth the estimated fair value, gross unrealized gains, gross unrealized losses and cost or amortized cost of the Company’s investments in fixed maturities and equity securities, aggregated by type and industry, as of September 30, 2019 and December 31, 2018. Fixed maturities were comprised of the following: September 30, 2019 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Fixed maturities: Bonds: U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ 19,338 $ 624 $ 122 $ 18,836 Obligations of states and political subdivisions 4,999 432 - 4,567 Corporate securities: Utilities and telecom 21,287 2,110 3 19,180 Financial services 58,290 3,510 69 54,849 Other business – diversified 51,719 2,446 87 49,360 Other consumer – diversified 61,692 3,644 92 58,140 Total corporate securities 192,988 11,710 251 181,529 Redeemable preferred stocks: Other consumer – diversified 192 — — 192 Total redeemable preferred stocks 192 — — 192 Total fixed maturities $ 217,517 $ 12,766 $ 373 $ 205,124 December 31, 2018 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Fixed maturities: Bonds: U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ 27,422 $ 36 $ 1,061 $ 28,447 Obligations of states and political subdivisions 8,364 347 72 8,089 Corporate securities: Utilities and telecom 19,642 873 431 19,200 Financial services 49,477 747 2,942 51,672 Other business – diversified 49,196 226 2,844 51,814 Other consumer – diversified 56,093 84 4,501 60,510 Total corporate securities 174,408 1,930 10,718 183,196 Redeemable preferred stocks: Other consumer – diversified 192 — — 192 Total redeemable preferred stocks 192 — — 192 Total fixed maturities $ 210,386 $ 2,313 $ 11,851 $ 219,924 Bonds having an amortized cost of $10,444 and $10,452 and included in the tables above were on deposit with insurance regulatory authorities as of September 30, 2019 and December 31, 2018, respectively, in accordance with statutory requirements. Equity securities were comprised of the following: September 30, 2019 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Equity securities: Common and non-redeemable preferred stocks: Financial services $ 2,797 $ 309 $ — $ 2,488 Other business – diversified 312 265 — 47 Other consumer – diversified 16,398 11,765 — 4,633 Total equity securities $ 19,507 $ 12,339 $ — $ 7,168 December 31, 2018 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Equity securities: Common and non-redeemable preferred stocks: Utilities and telecom $ 1,686 $ 722 $ — $ 964 Financial services 4,552 172 — 4,380 Other business – diversified 306 259 — 47 Other consumer – diversified 14,214 9,090 — 5,124 Total equity securities $ 20,758 $ 10,243 $ — $ 10,515 The carrying value and amortized cost of the Company’s investments in fixed maturities at September 30, 2019 and December 31, 2018 by contractual maturity were as follows. Actual maturities may differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties. September 30, 2019 December 31, 2018 Carrying Value Amortized Cost Carrying Value Amortized Cost Due in one year or less $ - $ - $ 3,150 $ 3,150 Due after one year through five years 13,665 13,267 19,787 19,699 Due after five years through ten years 76,413 72,480 127,617 133,863 Due after ten years 119,335 111,267 43,823 46,338 Asset backed securities 8,104 8,110 16,009 16,874 Totals $ 217,517 $ 205,124 $ 210,386 $ 219,924 The following tables present the Company’s unrealized losses for securities by type and length of time the security was in a continuous unrealized loss position as of September 30, 2019 and December 31, 2018. September 30, 2019 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ 1,020 $ 4 $ 7,689 $ 118 $ 8,709 $ 122 Corporate securities 22,791 61 7,430 190 30,221 251 Total temporarily impaired securities $ 23,811 $ 65 $ 15,119 $ 308 $ 38,930 $ 373 December 31, 2018 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ — $ — $ 24,786 $ 1,061 $ 24,786 $ 1,061 Obligations of states and political subdivisions — — 3,980 72 3,980 72 Corporate securities 49,633 1,592 97,012 9,126 146,645 10,718 Total temporarily impaired securities $ 49,633 $ 1,592 $ 125,778 $ 10,259 $ 175,411 $ 11,851 The evaluation for an other than temporary impairment (“OTTI”) is a quantitative and qualitative process, which is subject to risks and uncertainties in the determination of whether declines in the fair value of investments are other than temporary. Potential risks and uncertainties include, among other things, changes in general economic conditions, an issuer’s financial condition or near term recovery prospects and the effects of changes in interest rates. In evaluating a potential impairment, the Company considers, among other factors, management’s intent and ability to hold the securities until price recovery, the nature of the investment and the expectation of prospects for the issuer and its industry, the status of an issuer’s continued satisfaction of its obligations in accordance with their contractual terms, and management’s expectation as to the issuer’s ability and intent to continue to do so, as well as ratings actions that may affect the issuer’s credit status. There were no OTTI charges recorded during the three month and nine month periods ended September 30, 2019 and 2018. As of September 30, 2019 and December 31, 2018, there were twenty-four and one hundred forty securities, respectively, in an unrealized loss position which primarily included certain of the Company’s investments in fixed maturities within the financial services, other diversified business and other diversified consumer sectors. The decrease in the number and value of securities in an unrealized loss position during the nine month period ended September 30, 2019 was primarily attributable to the appreciation of fixed maturity market prices due to the current interest rate environment. The Company does not currently intend to sell nor does it expect to be required to sell any of the securities in an unrealized loss position. Based upon the Company’s expected continuation of receipt of contractually required principal and interest payments and its intent and ability to retain the securities until price recovery, as well as the Company’s evaluation of other relevant factors, including those described above, the Company has deemed these securities to be temporarily impaired as of September 30, 2019. The following table is a summary of realized investment gains (losses) for the three month and nine month periods ended September 30, 2019 and 2018. Three Months Ended September 30, 2019 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 1,112 $ 108 $ — $ 1,220 Losses (1,650 ) — — (1,650 ) Realized investment gains (losses), net $ (538 ) $ 108 $ — $ (430 ) Three Months Ended September 30, 2018 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 212 $ 272 $ — $ 484 Losses — — — — Realized investment gains (losses), net $ 212 $ 272 $ — $ 484 Nine Months Ended September 30, 2019 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 1,994 $ 1,221 $ — $ 3,215 Losses (1,650 ) — — (1,650 ) Realized investment gains (losses), net $ 344 $ 1,221 $ — $ 1,565 Nine Months Ended September 30, 2018 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 829 $ 272 $ — $ 1,101 Losses (304 ) — — (304 ) Realized investment gains (losses), net $ 525 $ 272 $ — $ 797 The following table presents the portion of unrealized gains (losses) on equity securities still held for the three month and nine month periods ended September 30, 2019 and 2018. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net realized and unrealized gains (losses) recognized during the period on equity securities $ 1,052 $ 1,355 $ 3,317 $ 1,025 Less: Net realized gains (losses) recognized during the period on equity securities sold during the period 108 272 1,221 272 Unrealized gains (losses) on equity securities, net $ 944 $ 1,083 $ 2,096 $ 753 Variable Interest Entities The Company holds passive interests in a number of entities that are considered to be variable interest entities (“VIEs”) under GAAP guidance. The Company’s VIE interests principally consist of interests in limited partnerships and limited liability companies formed for the purpose of achieving diversified equity returns. The Company’s VIE interests, carried as a part of other invested assets, totaled $7,103 and $7,424 as of September 30, 2019 and December 31, 2018, respectively. The Company’s VIE interests, carried as a part of investment in unconsolidated trusts, totaled $1,238 as of September 30, 2019 and December 31, 2018. The Company does not have power over the activities that most significantly impact the economic performance of these VIEs and thus is not the primary beneficiary. Therefore, the Company has not consolidated these VIEs. The Company’s involvement with each VIE is limited to its direct ownership interest in the VIE. The Company has no arrangements with any of the VIEs to provide other financial support to or on behalf of the VIE. The Company’s maximum loss exposure relative to these investments was limited to the carrying value of the Company’s investment in the VIEs, which amount to $8,341 and $8,662, as of September 30, 2019 and December 31, 2018, respectively. As of September 30, 2019 and December 31, 2018, the Company has outstanding commitments totaling $4,900 and $0, respectively, whereby the Company is committed to fund these investments and may be called by such VIEs during the commitment period to fund the purchase of new investments and partnership expenses.

Fair Values of Financial Instru

Fair Values of Financial Instruments	9 Months Ended
	Sep. 30, 2019
Fair Values of Financial Instruments [Abstract]
Fair Values of Financial Instruments	Note 4. Fair Values of Financial Instruments The estimated fair values have been determined by the Company using available market information from various market sources and appropriate valuation methodologies as of the respective dates. However, considerable judgment is necessary to interpret market data and to develop the estimates of fair value. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, the estimates presented herein are not necessarily indicative of the amounts which the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The following describes the fair value hierarchy and provides information as to the extent to which the Company uses fair value to measure the value of its financial instruments and information about the inputs used to value those financial instruments. The fair value hierarchy prioritizes the inputs in the valuation techniques used to measure fair value into three broad levels. Level 1 Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. The Company’s financial instruments valued using Level 1 criteria include cash equivalents, U.S. Treasury securities and exchange traded common stocks. Level 2 Observable inputs, other than quoted prices included in Level 1, for an asset or liability or prices for similar assets or liabilities. The Company’s financial instruments valued using Level 2 criteria include significantly most of its fixed maturities, which consist of U.S. Government securities, obligations of states and political subdivisions, and certain corporate fixed maturities, as well as its non-redeemable preferred stocks. In determining fair value measurements of its fixed maturities and non-redeemable preferred stocks using Level 2 criteria, the Company utilizes data from outside sources, including nationally recognized pricing services and broker/dealers. Prices for the majority of the Company’s Level 2 fixed maturities and non-redeemable preferred stocks were determined using unadjusted prices received from pricing services that utilize a matrix pricing concept, which is a mathematical technique used widely in the industry to value debt securities based on various relationships to other benchmark quoted prices. Level 3 Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Fair value is based on criteria that use assumptions or other data that are not readily observable from objective sources. The Company’s financial instruments valued using Level 3 criteria consist of a limited number of fixed maturities. As of September 30, 2019 and December 31, 2018, the value of the Company’s fixed maturities valued using Level 3 criteria was $1,220 and $1,066, respectively. The use of different criteria or assumptions regarding data may have yielded materially different valuations. As of September 30, 2019, financial instruments carried at fair value were measured on a recurring basis as summarized below: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Fixed maturities $ 11,233 $ 205,064 $ 1,220 (1) $ 217,517 Equity securities 16,921 2,586 (1) — 19,507 Cash equivalents 29,132 — — 29,132 Total $ 57,286 $ 207,650 $ 1,220 $ 266,156 (1) All underlying securities are financial services industry related. As of December 31, 2018, financial instruments carried at fair value were measured on a recurring basis as summarized below: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Fixed maturities $ 11,413 $ 197,907 $ 1,066 (1) $ 210,386 Equity securities 16,398 4,360 (1) — 20,758 Cash equivalents 8,250 — — 8,250 Total $ 36,061 $ 202,267 $ 1,066 $ 239,394 (1) All underlying securities are financial services industry related. The following tables provide a roll-forward of the Company’s financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three month and nine month periods ended September 30, 2019 and 2018. Fixed Maturities Balance, December 31, 2018 $ 1,066 Total unrealized gains included in other comprehensive loss 49 Balance, March 31, 2019 1,115 Total unrealized gains included in other comprehensive income 59 Balance, June 30, 2019 1,174 Total unrealized gains included in other comprehensive income 46 Balance, September 30, 2019 $ 1,220 Fixed Maturities Balance, December 31, 2017 $ 1,369 Total unrealized losses included in other comprehensive loss (30 ) Balance, March 31, 2018 1,339 Total unrealized gains included in other comprehensive loss 7 Balance, June 30, 2018 1,346 Total realized gains included in earnings 208 Total unrealized losses included in other comprehensive loss (53 ) Settlements (483 ) Balance, September 30, 2018 $ 1,018 The Company’s fixed maturities valued using Level 3 inputs consist solely of issuances of pooled debt obligations of multiple, smaller financial services companies that are not actively traded. There are no assumed prepayments and/or default probability assumptions as a majority of these instruments contain certain U.S. government agency strips to support repayment of the principal. Other qualitative and quantitative information received from the original underwriter of the pooled offerings is also considered, as applicable. The following table sets forth the carrying amount, estimated fair value and level within the fair value hierarchy of the Company’s financial instruments as of September 30, 2019 and December 31, 2018. September 30, 2019 December 31, 2018 Level in Fair Value Hierarchy (1) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and cash equivalents Level 1 $ 36,013 $ 36,013 $ 12,630 $ 12,630 Fixed maturities (1 ) 217,517 217,517 210,386 210,386 Equity securities (1 ) 19,507 19,507 20,758 20,758 Other invested assets Level 3 7,103 7,103 7,424 7,424 Policy loans Level 2 1,989 1,989 2,085 2,085 Real estate Level 2 38 38 38 38 Investment in unconsolidated trusts Level 2 1,238 1,238 1,238 1,238 Liabilities: Junior subordinated debentures, net Level 2 33,738 33,738 33,738 33,738 (1) See the aforementioned information for a description of the fair value hierarchy as well as a disclosure of levels for classes of these financial assets. There have not been any transfers between Level 1, Level 2 and Level 3 during the periods presented in these condensed consolidated financial statements.

Liabilities for Unpaid Losses,

Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2019
Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses [Abstract]
Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses	Note 5. Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses The roll-forward of liabilities for unpaid losses, claims and loss adjustment expenses for the nine months ended September 30, 2019 and 2018 is as follows: Nine Months Ended September 30, 2019 2018 Beginning liabilities for unpaid losses, claims and loss adjustment expenses, gross $ 72,612 $ 65,689 Less: Reinsurance recoverable on unpaid losses (14,354 ) (11,968 ) Beginning liabilities for unpaid losses, claims and loss adjustment expenses, net 58,258 53,721 Incurred related to: Current accident year 103,017 96,424 Prior accident year development (629 ) (1,049 ) Total incurred 102,388 95,375 Paid related to: Current accident year 66,682 62,598 Prior accident years 34,314 28,950 Total paid 100,996 91,548 Ending liabilities for unpaid losses, claims and loss adjustment expenses, net 59,650 57,548 Plus: Reinsurance recoverable on unpaid losses 16,611 14,268 Ending liabilities for unpaid losses, claims and loss adjustment expenses, gross $ 76,261 $ 71,816 Following is a reconciliation of total incurred losses to total insurance benefits and losses incurred for the nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, 2019 2018 Total incurred losses $ 102,388 $ 95,375 Cash surrender value and matured endowments 1,020 1,057 Benefit reserve changes 769 2,046 Total insurance benefits and losses incurred $ 104,177 $ 98,478

Junior Subordinated Debentures

Junior Subordinated Debentures	9 Months Ended
	Sep. 30, 2019
Junior Subordinated Debentures [Abstract]
Junior Subordinated Debentures	Note 6. Junior Subordinated Debentures The Company has two unconsolidated Connecticut statutory business trusts, which exist for the exclusive purposes of: (i) issuing trust preferred securities (“Trust Preferred Securities”) representing undivided beneficial interests in the assets of the trusts; (ii) investing the gross proceeds of the Trust Preferred Securities in junior subordinated deferrable interest debentures (“Junior Subordinated Debentures”) of Atlantic American; and (iii) engaging in those activities necessary or incidental thereto. The financial structure of each of Atlantic American Statutory Trust I and II as of September 30, 2019 was as follows: Atlantic American Statutory Trust I Atlantic American Statutory Trust II JUNIOR SUBORDINATED DEBENTURES (1) (2) Principal amount owed September 30, 2019 $ 18,042 $ 23,196 Less: Treasury debt (3) — (7,500 ) Net balance September 30, 2019 $ 18,042 $ 15,696 Net balance December 31, 2018 $ 18,042 $ 15,696 Coupon rate LIBOR + 4.00 % LIBOR + 4.10 % Interest payable Quarterly Quarterly Maturity date December 4, 2032 May 15, 2033 Redeemable by issuer Yes Yes TRUST PREFERRED SECURITIES Issuance date December 4, 2002 May 15, 2003 Securities issued 17,500 22,500 Liquidation preference per security $ 1 $ 1 Liquidation value $ 17,500 $ 22,500 Coupon rate LIBOR + 4.00 % LIBOR + 4.10 % Distribution payable Quarterly Quarterly Distribution guaranteed by (4) Atlantic American Corporation Atlantic American Corporation (1) For each of the respective debentures, the Company has the right at any time, and from time to time, to defer payments of interest on the Junior Subordinated Debentures for a period not exceeding 20 consecutive quarters up to the debentures’ respective maturity dates. During any such period, interest will continue to accrue and the Company may not declare or pay any cash dividends or distributions on, or purchase, the Company’s common stock nor make any principal, interest or premium payments on or repurchase any debt securities that rank equally with or junior to the Junior Subordinated Debentures. The Company has the right at any time to dissolve each of the trusts and cause the Junior Subordinated Debentures to be distributed to the holders of the Trust Preferred Securities. (2) The Junior Subordinated Debentures are unsecured and rank junior and subordinate in right of payment to all senior debt of the Parent and are effectively subordinated to all existing and future liabilities of its subsidiaries. (3) On August 4, 2014, the Company acquired $7,500 of the Junior Subordinated Debentures. (4) The Parent has guaranteed, on a subordinated basis, all of the obligations under the Trust Preferred Securities, including payment of the redemption price and any accumulated and unpaid distributions to the extent of available funds and upon dissolution, winding up or liquidation.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	9 Months Ended
	Sep. 30, 2019
Earnings (Loss) Per Common Share [Abstract]
Earnings (Loss) Per Common Share	Note 7. Earnings (Loss) Per Common Share A reconciliation of the numerator and denominator used in the earnings (loss) per common share calculations is as follows: Three Months Ended September 30, 2019 Loss Weighted Average Shares (In thousands) Per Share Amount Basic and Diluted Loss Per Common Share: Net loss $ (1,392 ) 20,250 Less preferred stock dividends (100 ) — Net loss applicable to common shareholders $ (1,492 ) 20,250 $ (.07 ) Three Months Ended September 30, 2018 Income Weighted Average Shares (In thousands) Per Share Amount Basic and Diluted Earnings Per Common Share: Net income $ 934 20,420 Less preferred stock dividends (100 ) — Net income applicable to common shareholders $ 834 20,420 $ .04 Nine Months Ended September 30, 2019 Loss Weighted Average Shares (In thousands) Per Share Amount Basic and Diluted Loss Per Common Share: Net loss $ (1,656 ) 20,185 Less preferred stock dividends (299 ) — Net loss applicable to common shareholders $ (1,955 ) 20,185 $ (.10 ) Nine Months Ended September 30, 2018 Loss Weighted Average Shares (In thousands) Per Share Amount Basic and Diluted Loss Per Common Share: Net loss $ (905 ) 20,314 Less preferred stock dividends (299 ) — Net loss applicable to common shareholders $ (1,204 ) 20,314 $ (.06 ) The assumed conversion of the Company’s Series D preferred stock was excluded from the earnings (loss) per common share calculation for all periods presented since its impact would have been antidilutive.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Taxes [Abstract]
Income Taxes	Note 8. Income Taxes A reconciliation of the differences between income taxes computed at the federal statutory income tax rate and income tax expense (benefit) is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Federal income tax provision at statutory rate of 21% $ (366 ) $ 225 $ (430 ) $ (262 ) Dividends-received deduction (6 ) (10 ) (20 ) (30 ) Other permanent differences 41 22 79 50 Adjustment for prior years’ estimates to actual (21 ) (99 ) (21 ) (99 ) Income tax expense (benefit) $ (352 ) $ 138 $ (392 ) $ (341 ) The components of income tax expense (benefit) were: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Current - Federal $ (368 ) $ 255 $ 204 $ 994 Deferred - Federal 16 (117 ) (596 ) (1,335 ) Total $ (352 ) $ 138 $ (392 ) $ (341 )

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Note 9. Leases The Company has two operating lease agreements, each for the use of office space in the ordinary course of business. The first lease renews annually on an automatic basis and based on original assumptions, management is reasonably certain to exercise the renewal option for an additional eight years from the January 1, 2019 effective date of the new lease guidance. The original term of the second lease was ten years and amended in January 2017 to provide for an additional seven years, with a termination date on September 30, 2026. The rate used in determining the present value of lease payments is based upon an estimate of the Company’s incremental secured borrowing rate commensurate with the term of the underlying lease. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Lease expense reported for the nine months ended September 30, 2019 was $761. See the “Adoption of New Accounting Standards – Leases ” Additional information regarding the Company’s real estate operating leases is as follows: Nine Months Ended September 30, 2019 Other information on operating leases: Cash payments included in the measurement of lease liabilities reported in operating cash flows $ 632 Right-of-use assets included in other assets on the condensed consolidated balance sheet 5,631 Weighted average discount rate 6.8 % Weighted average remaining lease term in years 7.1 years The following table presents maturities and present value of the Company’s lease liabilities: Lease Liability Remainder of 2019 $ 182 2020 978 2021 1,015 2022 1,031 2023 1,048 Thereafter 3,091 Total undiscounted lease payments 7,345 Less: present value adjustment 1,585 Operating lease liability included in other liabilities on the condensed consolidated balance sheet $ 5,760 As of September 30, 2019, the Company has no operating leases that have not yet commenced.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 10. Commitments and Contingencies From time to time, the Company is, and expects to continue to be, involved in various claims and lawsuits incidental to and in the ordinary course of its businesses. In the opinion of management, any such known claims are not expected to have a material effect on the financial condition or results of operations of the Company.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2019
Segment Information [Abstract]
Segment Information	Note 11. Segment Information The Parent’s primary insurance subsidiaries, American Southern and Bankers Fidelity, operate in two principal business units, each focusing on specific products. American Southern operates in the property and casualty insurance market, while Bankers Fidelity operates in the life and health insurance market. Each business unit is managed independently and is evaluated on its individual performance. Substantially all revenue other than in the corporate and other segment is from external sources. The following sets forth the assets, revenue and income (loss) before income taxes for each business unit as of and for the periods ended 2019 and 2018. Assets September 30, 2019 December 31, 2018 American Southern $ 141,569 $ 122,724 Bankers Fidelity 216,850 195,663 Corporate and Other 154,527 134,643 Adjustments & Eliminations (129,611 ) (108,756 ) Total assets $ 383,335 $ 344,274 Revenues Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 American Southern $ 14,605 $ 13,998 $ 45,580 $ 42,174 Bankers Fidelity 32,311 31,196 97,931 92,950 Corporate and Other 3,069 3,703 9,686 9,122 Adjustments & Eliminations (2,240 ) (2,527 ) (7,307 ) (7,893 ) Total revenue $ 47,745 $ 46,370 $ 145,890 $ 136,353 Income (Loss) Before Income Taxes Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 American Southern $ 471 $ 995 $ 3,849 $ 3,892 Bankers Fidelity (1,334 ) 512 (3,828 ) (1,762 ) Corporate and Other (881 ) (435 ) (2,069 ) (3,376 ) Income (loss) before income taxes $ (1,744 ) $ 1,072 $ (2,048 ) $ (1,246 )

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 12. Related Party Transactions During the nine month period ended September 30, 2019, the Company transferred its remaining fractional interest in an aircraft arrangement to Gray Television, Inc., a related party, for $151.

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2019
Recently Issued Accounting Standards [Abstract]
Adoption of New Accounting Standards	Adoption of New Accounting Standards Leases. As part of the transition to the new standard, the Company was required to measure and recognize leases that existed at January 1, 2019 and elected to use a modified retrospective approach. For leases that existed at the effective date, the Company elected the package of three transition practical expedients and therefore did not reassess any of the following: (i) whether an arrangement is or contains a lease, (ii) lease classification, or (iii) what qualifies as an initial direct cost. The adoption of this ASU resulted in the Company recognizing a ROU asset of $6,088 as part of other assets and a lease liability of $6,088 as part of other liabilities in the consolidated balance sheet. The adoption of this ASU did not have a material effect on the Company’s results of operations or liquidity. Revenue from Contracts with Customers. Future Adoption of New Accounting Standards For information regarding accounting standards that the Company has not yet adopted, see the “Recently Issued Accounting Standards - Future Adoption of New Accounting Standards” section of Note 1 of Notes to Consolidated Financial Statements in the 2018 Annual Report.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2019
Investments [Abstract]
Investments Aggregated by Type and Industry	The following tables set forth the estimated fair value, gross unrealized gains, gross unrealized losses and cost or amortized cost of the Company’s investments in fixed maturities and equity securities, aggregated by type and industry, as of September 30, 2019 and December 31, 2018. Fixed maturities were comprised of the following: September 30, 2019 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Fixed maturities: Bonds: U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ 19,338 $ 624 $ 122 $ 18,836 Obligations of states and political subdivisions 4,999 432 - 4,567 Corporate securities: Utilities and telecom 21,287 2,110 3 19,180 Financial services 58,290 3,510 69 54,849 Other business – diversified 51,719 2,446 87 49,360 Other consumer – diversified 61,692 3,644 92 58,140 Total corporate securities 192,988 11,710 251 181,529 Redeemable preferred stocks: Other consumer – diversified 192 — — 192 Total redeemable preferred stocks 192 — — 192 Total fixed maturities $ 217,517 $ 12,766 $ 373 $ 205,124 December 31, 2018 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Fixed maturities: Bonds: U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ 27,422 $ 36 $ 1,061 $ 28,447 Obligations of states and political subdivisions 8,364 347 72 8,089 Corporate securities: Utilities and telecom 19,642 873 431 19,200 Financial services 49,477 747 2,942 51,672 Other business – diversified 49,196 226 2,844 51,814 Other consumer – diversified 56,093 84 4,501 60,510 Total corporate securities 174,408 1,930 10,718 183,196 Redeemable preferred stocks: Other consumer – diversified 192 — — 192 Total redeemable preferred stocks 192 — — 192 Total fixed maturities $ 210,386 $ 2,313 $ 11,851 $ 219,924 Bonds having an amortized cost of $10,444 and $10,452 and included in the tables above were on deposit with insurance regulatory authorities as of September 30, 2019 and December 31, 2018, respectively, in accordance with statutory requirements. Equity securities were comprised of the following: September 30, 2019 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Equity securities: Common and non-redeemable preferred stocks: Financial services $ 2,797 $ 309 $ — $ 2,488 Other business – diversified 312 265 — 47 Other consumer – diversified 16,398 11,765 — 4,633 Total equity securities $ 19,507 $ 12,339 $ — $ 7,168 December 31, 2018 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Equity securities: Common and non-redeemable preferred stocks: Utilities and telecom $ 1,686 $ 722 $ — $ 964 Financial services 4,552 172 — 4,380 Other business – diversified 306 259 — 47 Other consumer – diversified 14,214 9,090 — 5,124 Total equity securities $ 20,758 $ 10,243 $ — $ 10,515
Amortized Cost and Carrying Value of Fixed Maturities by Contractual Maturity	The carrying value and amortized cost of the Company’s investments in fixed maturities at September 30, 2019 and December 31, 2018 by contractual maturity were as follows. Actual maturities may differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties. September 30, 2019 December 31, 2018 Carrying Value Amortized Cost Carrying Value Amortized Cost Due in one year or less $ - $ - $ 3,150 $ 3,150 Due after one year through five years 13,665 13,267 19,787 19,699 Due after five years through ten years 76,413 72,480 127,617 133,863 Due after ten years 119,335 111,267 43,823 46,338 Asset backed securities 8,104 8,110 16,009 16,874 Totals $ 217,517 $ 205,124 $ 210,386 $ 219,924
Investment Securities with Continuous Unrealized Loss Position	The following tables present the Company’s unrealized losses for securities by type and length of time the security was in a continuous unrealized loss position as of September 30, 2019 and December 31, 2018. September 30, 2019 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ 1,020 $ 4 $ 7,689 $ 118 $ 8,709 $ 122 Corporate securities 22,791 61 7,430 190 30,221 251 Total temporarily impaired securities $ 23,811 $ 65 $ 15,119 $ 308 $ 38,930 $ 373 December 31, 2018 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ — $ — $ 24,786 $ 1,061 $ 24,786 $ 1,061 Obligations of states and political subdivisions — — 3,980 72 3,980 72 Corporate securities 49,633 1,592 97,012 9,126 146,645 10,718 Total temporarily impaired securities $ 49,633 $ 1,592 $ 125,778 $ 10,259 $ 175,411 $ 11,851
Summary of Realized Investment Gains (Losses)	The following table is a summary of realized investment gains (losses) for the three month and nine month periods ended September 30, 2019 and 2018. Three Months Ended September 30, 2019 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 1,112 $ 108 $ — $ 1,220 Losses (1,650 ) — — (1,650 ) Realized investment gains (losses), net $ (538 ) $ 108 $ — $ (430 ) Three Months Ended September 30, 2018 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 212 $ 272 $ — $ 484 Losses — — — — Realized investment gains (losses), net $ 212 $ 272 $ — $ 484 Nine Months Ended September 30, 2019 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 1,994 $ 1,221 $ — $ 3,215 Losses (1,650 ) — — (1,650 ) Realized investment gains (losses), net $ 344 $ 1,221 $ — $ 1,565 Nine Months Ended September 30, 2018 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 829 $ 272 $ — $ 1,101 Losses (304 ) — — (304 ) Realized investment gains (losses), net $ 525 $ 272 $ — $ 797
Unrealized Gains (Losses) on Equity Securities	The following table presents the portion of unrealized gains (losses) on equity securities still held for the three month and nine month periods ended September 30, 2019 and 2018. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net realized and unrealized gains (losses) recognized during the period on equity securities $ 1,052 $ 1,355 $ 3,317 $ 1,025 Less: Net realized gains (losses) recognized during the period on equity securities sold during the period 108 272 1,221 272 Unrealized gains (losses) on equity securities, net $ 944 $ 1,083 $ 2,096 $ 753

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Values of Financial Instruments [Abstract]
Financial Instruments Carried at Fair Value Measured on a Recurring Basis	As of September 30, 2019, financial instruments carried at fair value were measured on a recurring basis as summarized below: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Fixed maturities $ 11,233 $ 205,064 $ 1,220 (1) $ 217,517 Equity securities 16,921 2,586 (1) — 19,507 Cash equivalents 29,132 — — 29,132 Total $ 57,286 $ 207,650 $ 1,220 $ 266,156 (1) All underlying securities are financial services industry related. As of December 31, 2018, financial instruments carried at fair value were measured on a recurring basis as summarized below: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Fixed maturities $ 11,413 $ 197,907 $ 1,066 (1) $ 210,386 Equity securities 16,398 4,360 (1) — 20,758 Cash equivalents 8,250 — — 8,250 Total $ 36,061 $ 202,267 $ 1,066 $ 239,394 (1) All underlying securities are financial services industry related.
Roll-forward of Financial Instruments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)	The following tables provide a roll-forward of the Company’s financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three month and nine month periods ended September 30, 2019 and 2018. Fixed Maturities Balance, December 31, 2018 $ 1,066 Total unrealized gains included in other comprehensive loss 49 Balance, March 31, 2019 1,115 Total unrealized gains included in other comprehensive income 59 Balance, June 30, 2019 1,174 Total unrealized gains included in other comprehensive income 46 Balance, September 30, 2019 $ 1,220 Fixed Maturities Balance, December 31, 2017 $ 1,369 Total unrealized losses included in other comprehensive loss (30 ) Balance, March 31, 2018 1,339 Total unrealized gains included in other comprehensive loss 7 Balance, June 30, 2018 1,346 Total realized gains included in earnings 208 Total unrealized losses included in other comprehensive loss (53 ) Settlements (483 ) Balance, September 30, 2018 $ 1,018
Carrying Amount, Estimated Fair Value and Level within the Fair Value Hierarchy of Financial Instruments	The following table sets forth the carrying amount, estimated fair value and level within the fair value hierarchy of the Company’s financial instruments as of September 30, 2019 and December 31, 2018. September 30, 2019 December 31, 2018 Level in Fair Value Hierarchy (1) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and cash equivalents Level 1 $ 36,013 $ 36,013 $ 12,630 $ 12,630 Fixed maturities (1 ) 217,517 217,517 210,386 210,386 Equity securities (1 ) 19,507 19,507 20,758 20,758 Other invested assets Level 3 7,103 7,103 7,424 7,424 Policy loans Level 2 1,989 1,989 2,085 2,085 Real estate Level 2 38 38 38 38 Investment in unconsolidated trusts Level 2 1,238 1,238 1,238 1,238 Liabilities: Junior subordinated debentures, net Level 2 33,738 33,738 33,738 33,738 (1) See the aforementioned information for a description of the fair value hierarchy as well as a disclosure of levels for classes of these financial assets.

Liabilities for Unpaid Losses_2

Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2019
Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses [Abstract]
Roll-forward of Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses	The roll-forward of liabilities for unpaid losses, claims and loss adjustment expenses for the nine months ended September 30, 2019 and 2018 is as follows: Nine Months Ended September 30, 2019 2018 Beginning liabilities for unpaid losses, claims and loss adjustment expenses, gross $ 72,612 $ 65,689 Less: Reinsurance recoverable on unpaid losses (14,354 ) (11,968 ) Beginning liabilities for unpaid losses, claims and loss adjustment expenses, net 58,258 53,721 Incurred related to: Current accident year 103,017 96,424 Prior accident year development (629 ) (1,049 ) Total incurred 102,388 95,375 Paid related to: Current accident year 66,682 62,598 Prior accident years 34,314 28,950 Total paid 100,996 91,548 Ending liabilities for unpaid losses, claims and loss adjustment expenses, net 59,650 57,548 Plus: Reinsurance recoverable on unpaid losses 16,611 14,268 Ending liabilities for unpaid losses, claims and loss adjustment expenses, gross $ 76,261 $ 71,816
Reconciliation of Total Incurred Losses to Total Insurance Benefits and Losses	Following is a reconciliation of total incurred losses to total insurance benefits and losses incurred for the nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, 2019 2018 Total incurred losses $ 102,388 $ 95,375 Cash surrender value and matured endowments 1,020 1,057 Benefit reserve changes 769 2,046 Total insurance benefits and losses incurred $ 104,177 $ 98,478

Junior Subordinated Debentures

Junior Subordinated Debentures (Tables)	9 Months Ended
	Sep. 30, 2019
Junior Subordinated Debentures [Abstract]
Financial Structure of Statutory Business Trusts	The financial structure of each of Atlantic American Statutory Trust I and II as of September 30, 2019 was as follows: Atlantic American Statutory Trust I Atlantic American Statutory Trust II JUNIOR SUBORDINATED DEBENTURES (1) (2) Principal amount owed September 30, 2019 $ 18,042 $ 23,196 Less: Treasury debt (3) — (7,500 ) Net balance September 30, 2019 $ 18,042 $ 15,696 Net balance December 31, 2018 $ 18,042 $ 15,696 Coupon rate LIBOR + 4.00 % LIBOR + 4.10 % Interest payable Quarterly Quarterly Maturity date December 4, 2032 May 15, 2033 Redeemable by issuer Yes Yes TRUST PREFERRED SECURITIES Issuance date December 4, 2002 May 15, 2003 Securities issued 17,500 22,500 Liquidation preference per security $ 1 $ 1 Liquidation value $ 17,500 $ 22,500 Coupon rate LIBOR + 4.00 % LIBOR + 4.10 % Distribution payable Quarterly Quarterly Distribution guaranteed by (4) Atlantic American Corporation Atlantic American Corporation (1) For each of the respective debentures, the Company has the right at any time, and from time to time, to defer payments of interest on the Junior Subordinated Debentures for a period not exceeding 20 consecutive quarters up to the debentures’ respective maturity dates. During any such period, interest will continue to accrue and the Company may not declare or pay any cash dividends or distributions on, or purchase, the Company’s common stock nor make any principal, interest or premium payments on or repurchase any debt securities that rank equally with or junior to the Junior Subordinated Debentures. The Company has the right at any time to dissolve each of the trusts and cause the Junior Subordinated Debentures to be distributed to the holders of the Trust Preferred Securities. (2) The Junior Subordinated Debentures are unsecured and rank junior and subordinate in right of payment to all senior debt of the Parent and are effectively subordinated to all existing and future liabilities of its subsidiaries. (3) On August 4, 2014, the Company acquired $7,500 of the Junior Subordinated Debentures. (4) The Parent has guaranteed, on a subordinated basis, all of the obligations under the Trust Preferred Securities, including payment of the redemption price and any accumulated and unpaid distributions to the extent of available funds and upon dissolution, winding up or liquidation.

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings (Loss) Per Common Share [Abstract]
Reconciliation of Numerator and Denominator used in Earnings (Loss) per Common Share Calculations	A reconciliation of the numerator and denominator used in the earnings (loss) per common share calculations is as follows: Three Months Ended September 30, 2019 Loss Weighted Average Shares (In thousands) Per Share Amount Basic and Diluted Loss Per Common Share: Net loss $ (1,392 ) 20,250 Less preferred stock dividends (100 ) — Net loss applicable to common shareholders $ (1,492 ) 20,250 $ (.07 ) Three Months Ended September 30, 2018 Income Weighted Average Shares (In thousands) Per Share Amount Basic and Diluted Earnings Per Common Share: Net income $ 934 20,420 Less preferred stock dividends (100 ) — Net income applicable to common shareholders $ 834 20,420 $ .04 Nine Months Ended September 30, 2019 Loss Weighted Average Shares (In thousands) Per Share Amount Basic and Diluted Loss Per Common Share: Net loss $ (1,656 ) 20,185 Less preferred stock dividends (299 ) — Net loss applicable to common shareholders $ (1,955 ) 20,185 $ (.10 ) Nine Months Ended September 30, 2018 Loss Weighted Average Shares (In thousands) Per Share Amount Basic and Diluted Loss Per Common Share: Net loss $ (905 ) 20,314 Less preferred stock dividends (299 ) — Net loss applicable to common shareholders $ (1,204 ) 20,314 $ (.06 )

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2019
Income Taxes [Abstract]
Reconciliation of Income Tax Expense (Benefit)	A reconciliation of the differences between income taxes computed at the federal statutory income tax rate and income tax expense (benefit) is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Federal income tax provision at statutory rate of 21% $ (366 ) $ 225 $ (430 ) $ (262 ) Dividends-received deduction (6 ) (10 ) (20 ) (30 ) Other permanent differences 41 22 79 50 Adjustment for prior years’ estimates to actual (21 ) (99 ) (21 ) (99 ) Income tax expense (benefit) $ (352 ) $ 138 $ (392 ) $ (341 )
Components of Income Tax Expense (Benefit)	The components of income tax expense (benefit) were: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Current - Federal $ (368 ) $ 255 $ 204 $ 994 Deferred - Federal 16 (117 ) (596 ) (1,335 ) Total $ (352 ) $ 138 $ (392 ) $ (341 )

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Additional Information of Operating Leases	Additional information regarding the Company’s real estate operating leases is as follows: Nine Months Ended September 30, 2019 Other information on operating leases: Cash payments included in the measurement of lease liabilities reported in operating cash flows $ 632 Right-of-use assets included in other assets on the condensed consolidated balance sheet 5,631 Weighted average discount rate 6.8 % Weighted average remaining lease term in years 7.1 years
Maturities and Present Value of Lease Liabilities	The following table presents maturities and present value of the Company’s lease liabilities: Lease Liability Remainder of 2019 $ 182 2020 978 2021 1,015 2022 1,031 2023 1,048 Thereafter 3,091 Total undiscounted lease payments 7,345 Less: present value adjustment 1,585 Operating lease liability included in other liabilities on the condensed consolidated balance sheet $ 5,760

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Information [Abstract]
Assets, Revenue and Income (Loss) Before Income Taxes for Each Business Unit	The following sets forth the assets, revenue and income (loss) before income taxes for each business unit as of and for the periods ended 2019 and 2018. Assets September 30, 2019 December 31, 2018 American Southern $ 141,569 $ 122,724 Bankers Fidelity 216,850 195,663 Corporate and Other 154,527 134,643 Adjustments & Eliminations (129,611 ) (108,756 ) Total assets $ 383,335 $ 344,274 Revenues Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 American Southern $ 14,605 $ 13,998 $ 45,580 $ 42,174 Bankers Fidelity 32,311 31,196 97,931 92,950 Corporate and Other 3,069 3,703 9,686 9,122 Adjustments & Eliminations (2,240 ) (2,527 ) (7,307 ) (7,893 ) Total revenue $ 47,745 $ 46,370 $ 145,890 $ 136,353 Income (Loss) Before Income Taxes Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 American Southern $ 471 $ 995 $ 3,849 $ 3,892 Bankers Fidelity (1,334 ) 512 (3,828 ) (1,762 ) Corporate and Other (881 ) (435 ) (2,069 ) (3,376 ) Income (loss) before income taxes $ (1,744 ) $ 1,072 $ (2,048 ) $ (1,246 )

Basis of Presentation (Details)

Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2019Segment
Basis of Presentation [Abstract]
Number of business units	2

Recently Issued Accounting St_3

Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Adoption of New Accounting Pronouncements [Abstract]
ROU asset	$ 5,631		$ 5,631
Lease liability	5,760		5,760
Revenues within scope of updated accounting guidance	$ 47,745	$ 46,370	145,890	$ 136,353
ASU 2014-09 [Member]
Adoption of New Accounting Pronouncements [Abstract]
Revenues within scope of updated accounting guidance			$ 139	$ 88
Revenues within scope of updated accounting guidance, as a percentage of total revenues (less than)			0.10%	0.10%
ASU 2016-02 [Member] | Other Assets [Member]
Adoption of New Accounting Pronouncements [Abstract]
ROU asset					$ 6,088
ASU 2016-02 [Member] | Other Liabilities [Member]
Adoption of New Accounting Pronouncements [Abstract]
Lease liability					$ 6,088

Investments, Aggregated by Type

Investments, Aggregated by Type and Industry (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investments aggregated by type and industry [Abstract]
Estimated fair value	$ 217,517	$ 210,386
Gross unrealized gains	12,766	2,313
Gross unrealized losses	373	11,851
Amortized cost	205,124	219,924
Estimated fair value	19,507	20,758
Gross unrealized gains	12,339	10,243
Gross unrealized losses	0	0
Cost	7,168	10,515
Amortized cost of bonds on deposit with insurance regulatory authorities	10,444	10,452
Fixed Maturities [Member] | U.S. Treasury Securities and Obligations of U.S. Government Agencies and Authorities [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	19,338	27,422
Gross unrealized gains	624	36
Gross unrealized losses	122	1,061
Amortized cost	18,836	28,447
Fixed Maturities [Member] | Obligations of States and Political Subdivisions [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	4,999	8,364
Gross unrealized gains	432	347
Gross unrealized losses	0	72
Amortized cost	4,567	8,089
Fixed Maturities [Member] | Corporate Securities [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	192,988	174,408
Gross unrealized gains	11,710	1,930
Gross unrealized losses	251	10,718
Amortized cost	181,529	183,196
Fixed Maturities [Member] | Corporate Securities [Member] | Utilities and Telecom [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	21,287	19,642
Gross unrealized gains	2,110	873
Gross unrealized losses	3	431
Amortized cost	19,180	19,200
Fixed Maturities [Member] | Corporate Securities [Member] | Financial Services [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	58,290	49,477
Gross unrealized gains	3,510	747
Gross unrealized losses	69	2,942
Amortized cost	54,849	51,672
Fixed Maturities [Member] | Corporate Securities [Member] | Other Business - Diversified [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	51,719	49,196
Gross unrealized gains	2,446	226
Gross unrealized losses	87	2,844
Amortized cost	49,360	51,814
Fixed Maturities [Member] | Corporate Securities [Member] | Other Consumer - Diversified [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	61,692	56,093
Gross unrealized gains	3,644	84
Gross unrealized losses	92	4,501
Amortized cost	58,140	60,510
Fixed Maturities [Member] | Redeemable Preferred Stocks [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	192	192
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Amortized cost	192	192
Fixed Maturities [Member] | Redeemable Preferred Stocks [Member] | Other Consumer - Diversified [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	192	192
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Amortized cost	192	192
Equity Securities [Member] | Common and Non-redeemable Preferred Stocks [Member] | Utilities and Telecom [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value		1,686
Gross unrealized gains		722
Gross unrealized losses		0
Cost		964
Equity Securities [Member] | Common and Non-redeemable Preferred Stocks [Member] | Financial Services [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	2,797	4,552
Gross unrealized gains	309	172
Gross unrealized losses	0	0
Cost	2,488	4,380
Equity Securities [Member] | Common and Non-redeemable Preferred Stocks [Member] | Other Business - Diversified [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	312	306
Gross unrealized gains	265	259
Gross unrealized losses	0	0
Cost	47	47
Equity Securities [Member] | Common and Non-redeemable Preferred Stocks [Member] | Other Consumer - Diversified [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	16,398	14,214
Gross unrealized gains	11,765	9,090
Gross unrealized losses	0	0
Cost	$ 4,633	$ 5,124

Investments, Fixed Maturities b

Investments, Fixed Maturities by Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Carrying Value [Abstract]
Due in one year or less	$ 0	$ 3,150
Due after one year through five years	13,665	19,787
Due after five years through ten years	76,413	127,617
Due after ten years	119,335	43,823
Asset backed securities	8,104	16,009
Totals	217,517	210,386
Amortized Cost [Abstract]
Due in one year or less	0	3,150
Due after one year through five years	13,267	19,699
Due after five years through ten years	72,480	133,863
Due after ten years	111,267	46,338
Asset backed securities	8,110	16,874
Amortized cost	$ 205,124	$ 219,924

Investments, Securities with Co

Investments, Securities with Continuous Unrealized Loss Position (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)Securities	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)Securities	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)Securities
Available-for-sale securities, continuous unrealized loss position, Fair Value [Abstract]
Less than 12 months	$ 23,811		$ 23,811		$ 49,633
12 months or longer	15,119		15,119		125,778
Total	38,930		38,930		175,411
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract]
Less than 12 months	65		65		1,592
12 months or longer	308		308		10,259
Total	373		373		$ 11,851
Gross OTTI losses charged to realized gains	$ 0	$ 0	$ 0	$ 0
Number of securities in unrealized loss position | Securities	24		24		140
U.S. Treasury Securities and Obligations of U.S. Government Agencies and Authorities [Member]
Available-for-sale securities, continuous unrealized loss position, Fair Value [Abstract]
Less than 12 months	$ 1,020		$ 1,020		$ 0
12 months or longer	7,689		7,689		24,786
Total	8,709		8,709		24,786
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract]
Less than 12 months	4		4		0
12 months or longer	118		118		1,061
Total	122		122		1,061
Obligations of States and Political Subdivisions [Member]
Available-for-sale securities, continuous unrealized loss position, Fair Value [Abstract]
Less than 12 months					0
12 months or longer					3,980
Total					3,980
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract]
Less than 12 months					0
12 months or longer					72
Total					72
Corporate Securities [Member]
Available-for-sale securities, continuous unrealized loss position, Fair Value [Abstract]
Less than 12 months	22,791		22,791		49,633
12 months or longer	7,430		7,430		97,012
Total	30,221		30,221		146,645
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract]
Less than 12 months	61		61		1,592
12 months or longer	190		190		9,126
Total	$ 251		$ 251		$ 10,718

Investments, Summary of Realize

Investments, Summary of Realized Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Summary of realized investment gains (losses) [Abstract]
Gains	$ 1,220	$ 484	$ 3,215	$ 1,101
Losses	(1,650)	0	(1,650)	(304)
Realized investment gains (losses), net	(430)	484	1,565	797
Fixed Maturities [Member]
Summary of realized investment gains (losses) [Abstract]
Gains	1,112	212	1,994	829
Losses	(1,650)	0	(1,650)	(304)
Realized investment gains (losses), net	(538)	212	344	525
Equity Securities [Member]
Summary of realized investment gains (losses) [Abstract]
Gains	108	272	1,221	272
Losses	0	0	0	0
Realized investment gains (losses), net	108	272	1,221	272
Other Invested Assets [Member]
Summary of realized investment gains (losses) [Abstract]
Gains	0	0	0	0
Losses	0	0	0	0
Realized investment gains (losses), net	$ 0	$ 0	$ 0	$ 0

Investments, Unrealized Gains (

Investments, Unrealized Gains (Losses) on Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investments [Abstract]
Net realized and unrealized gains (losses) recognized during the period on equity securities	$ 1,052	$ 1,355	$ 3,317	$ 1,025
Less: Net realized gains (losses) recognized during the period on equity securities sold during the period	108	272	1,221	272
Unrealized gains (losses) on equity securities, net	$ 944	$ 1,083	$ 2,096	$ 753

Investments, Variable Interest

Investments, Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entities [Abstract]
Investment in unconsolidated trusts	$ 1,238	$ 1,238
VIE, Not Primary Beneficiary [Member] | Other Invested Assets [Member]
Variable Interest Entities [Abstract]
Carrying amount of interest	7,103	7,424
Investment in unconsolidated trusts	1,238	1,238
Maximum loss exposure	8,341	8,662
Outstanding commitments	$ 4,900	$ 0

Fair Values of Financial Inst_3

Fair Values of Financial Instruments, Measured on a Recurring Basis (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Financial instruments carried at fair value measured on a recurring basis [Abstract]
Fixed maturities		$ 217,517	$ 210,386
Equity securities		19,507	20,758
Recurring [Member]
Financial instruments carried at fair value measured on a recurring basis [Abstract]
Fixed maturities		217,517	210,386
Equity securities		19,507	20,758
Cash equivalents		29,132	8,250
Assets at fair value		266,156	239,394
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial instruments carried at fair value measured on a recurring basis [Abstract]
Fixed maturities		11,233	11,413
Equity securities		16,921	16,398
Cash equivalents		29,132	8,250
Assets at fair value		57,286	36,061
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Financial instruments carried at fair value measured on a recurring basis [Abstract]
Fixed maturities		205,064	197,907
Equity securities	[1]	2,586	4,360
Cash equivalents		0	0
Assets at fair value		207,650	202,267
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Financial instruments carried at fair value measured on a recurring basis [Abstract]
Fixed maturities	[1]	1,220	1,066
Equity securities		0	0
Cash equivalents		0	0
Assets at fair value		$ 1,220	$ 1,066
[1]	All underlying securities are financial services industry related.

Fair Values of Financial Inst_4

Fair Values of Financial Instruments, Roll-forward of Financial Instruments Measured at Fair Value (Details) - Fixed Maturities [Member] - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Assets measured at fair value on a recurring basis [Abstract]
Balance, beginning of period	$ 1,174	$ 1,115	$ 1,066	$ 1,346	$ 1,339	$ 1,369
Total realized gains included in earnings				208
Total unrealized gains (losses) included in other comprehensive income (loss)	46	59	49	(53)	7	(30)
Settlements				(483)
Balance, end of period	$ 1,220	$ 1,174	$ 1,115	$ 1,018	$ 1,346	$ 1,339

Fair Values of Financial Inst_5

Fair Values of Financial Instruments, Estimated Fair Value and Level (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Assets [Abstract]
Fixed maturities		$ 217,517	$ 210,386
Equity securities		19,507	20,758
Carrying Amount [Member]
Assets [Abstract]
Fixed maturities	[1]	217,517	210,386
Equity securities	[1]	19,507	20,758
Carrying Amount [Member] | Level 1 [Member]
Assets [Abstract]
Cash and cash equivalents		36,013	12,630
Carrying Amount [Member] | Level 2 [Member]
Assets [Abstract]
Policy loans		1,989	2,085
Real estate		38	38
Investment in unconsolidated trusts		1,238	1,238
Liabilities [Abstract]
Junior subordinated debentures, net		33,738	33,738
Carrying Amount [Member] | Level 3 [Member]
Assets [Abstract]
Other invested assets		7,103	7,424
Estimated Fair Value [Member]
Assets [Abstract]
Fixed maturities	[1]	217,517	210,386
Equity securities	[1]	19,507	20,758
Estimated Fair Value [Member] | Level 1 [Member]
Assets [Abstract]
Cash and cash equivalents		36,013	12,630
Estimated Fair Value [Member] | Level 2 [Member]
Assets [Abstract]
Policy loans		1,989	2,085
Real estate		38	38
Investment in unconsolidated trusts		1,238	1,238
Liabilities [Abstract]
Junior subordinated debentures, net		33,738	33,738
Estimated Fair Value [Member] | Level 3 [Member]
Assets [Abstract]
Other invested assets		$ 7,103	$ 7,424
[1]	See the aforementioned information for a description of the fair value hierarchy as well as a disclosure of levels for classes of these financial assets.

Liabilities for Unpaid Losses_3

Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses [Roll Forward]
Beginning liabilities for unpaid losses, claims and loss adjustment expenses, gross			$ 72,612	$ 65,689
Less: Reinsurance recoverable on unpaid losses			(14,354)	(11,968)
Beginning liabilities for unpaid losses, claims and loss adjustment expenses, net			58,258	53,721
Incurred related to [Abstract]
Current accident year			103,017	96,424
Prior accident year development			(629)	(1,049)
Total incurred			102,388	95,375
Paid related to [Abstract]
Current accident year			66,682	62,598
Prior accident years			34,314	28,950
Total paid			100,996	91,548
Ending liabilities for unpaid losses, claims and loss adjustment expenses, net	$ 59,650	$ 57,548	59,650	57,548
Plus: Reinsurance recoverable on unpaid losses	16,611	14,268	16,611	14,268
Ending liabilities for unpaid losses, claims and loss adjustment expenses, gross	76,261	71,816	76,261	71,816
Reconciliation of total incurred claims to total insurance benefits and losses incurred [Abstract]
Total incurred losses			102,388	95,375
Cash surrender value and matured endowments			1,020	1,057
Benefit reserve changes			769	2,046
Total insurance benefits and losses incurred	$ 34,719	$ 33,087	$ 104,177	$ 98,478

Junior Subordinated Debenture_2

Junior Subordinated Debentures (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)TrustQuarter$ / sharesshares
Debt Instruments [Abstract]
Number of Connecticut statutory business trusts | Trust	2
Financial structure of statutory business trusts [Abstract]
Net balance September 30, 2019	$ 33,738
Net balance December 31, 2018	$ 33,738
Junior Subordinated Debentures [Member]
Financial structure of statutory business trusts [Abstract]
Number of consecutive quarters for which interest payments can be deferred | Quarter	20
Atlantic American Statutory Trust I [Member] | Junior Subordinated Debentures [Member]
Financial structure of statutory business trusts [Abstract]
Principal amount owed September 30, 2019	$ 18,042	[1],[2]
Less: Treasury debt	0	[1],[2],[3]
Net balance September 30, 2019	18,042	[1],[2]
Net balance December 31, 2018	$ 18,042	[1],[2]
Coupon rate	LIBOR + 4.00%	[1],[2]
Interest payable	Quarterly	[1],[2]
Maturity date	Dec. 4, 2032	[1],[2]
Redeemable by issuer	Yes	[1],[2]
Atlantic American Statutory Trust I [Member] | Junior Subordinated Debentures [Member] | LIBOR [Member]
Financial structure of statutory business trusts [Abstract]
Basis spread on variable rate	4.00%
Atlantic American Statutory Trust I [Member] | Trust Preferred Securities [Member]
Financial structure of statutory business trusts [Abstract]
Coupon rate	LIBOR + 4.00%
Issuance date	Dec. 4, 2002
Securities issued (in shares) | shares	17,500
Liquidation preference per security (in dollars per share) | $ / shares	$ 1
Liquidation value	$ 17,500
Distribution payable	Quarterly
Distribution guaranteed by	Atlantic American Corporation	[4]
Atlantic American Statutory Trust I [Member] | Trust Preferred Securities [Member] | LIBOR [Member]
Financial structure of statutory business trusts [Abstract]
Basis spread on variable rate	4.00%
Atlantic American Statutory Trust II [Member] | Junior Subordinated Debentures [Member]
Financial structure of statutory business trusts [Abstract]
Principal amount owed September 30, 2019	$ 23,196	[1],[2]
Less: Treasury debt	(7,500)	[1],[2],[3]
Net balance September 30, 2019	15,696	[1],[2]
Net balance December 31, 2018	$ 15,696	[1],[2]
Coupon rate	LIBOR + 4.10%	[1],[2]
Interest payable	Quarterly	[1],[2]
Maturity date	May 15, 2033	[1],[2]
Redeemable by issuer	Yes	[1],[2]
Atlantic American Statutory Trust II [Member] | Junior Subordinated Debentures [Member] | LIBOR [Member]
Financial structure of statutory business trusts [Abstract]
Basis spread on variable rate	4.10%
Atlantic American Statutory Trust II [Member] | Trust Preferred Securities [Member]
Financial structure of statutory business trusts [Abstract]
Coupon rate	LIBOR + 4.10%
Issuance date	May 15, 2003
Securities issued (in shares) | shares	22,500
Liquidation preference per security (in dollars per share) | $ / shares	$ 1
Liquidation value	$ 22,500
Distribution payable	Quarterly
Distribution guaranteed by	Atlantic American Corporation	[4]
Atlantic American Statutory Trust II [Member] | Trust Preferred Securities [Member] | LIBOR [Member]
Financial structure of statutory business trusts [Abstract]
Basis spread on variable rate	4.10%
[1]	For each of the respective debentures, the Company has the right at any time, and from time to time, to defer payments of interest on the Junior Subordinated Debentures for a period not exceeding 20 consecutive quarters up to the debentures' respective maturity dates. During any such period, interest will continue to accrue and the Company may not declare or pay any cash dividends or distributions on, or purchase, the Company's common stock nor make any principal, interest or premium payments on or repurchase any debt securities that rank equally with or junior to the Junior Subordinated Debentures. The Company has the right at any time to dissolve each of the trusts and cause the Junior Subordinated Debentures to be distributed to the holders of the Trust Preferred Securities.
[2]	The Junior Subordinated Debentures are unsecured and rank junior and subordinate in right of payment to all senior debt of the Parent and are effectively subordinated to all existing and future liabilities of its subsidiaries.
[3]	On August 4, 2014, the Company acquired $7,500 of the Junior Subordinated Debentures.
[4]	The Parent has guaranteed, on a subordinated basis, all of the obligations under the Trust Preferred Securities, including payment of the redemption price and any accumulated and unpaid distributions to the extent of available funds and upon dissolution, winding up or liquidation.

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income (Loss) [Abstract]
Net income (loss)	$ (1,392)	$ 934	$ (1,656)	$ (905)
Less: preferred stock dividends	(100)	(100)	(299)	(299)
Net income (loss) applicable to common shareholders	$ (1,492)	$ 834	$ (1,955)	$ (1,204)
Shares [Abstract]
Weighted average shares outstanding, Basic and Diluted (in shares)	20,250	20,420	20,185	20,314
Per Share Amount [Abstract]
Net income (loss) applicable to common shareholders, Basic and Diluted (in dollars per share)	$ (0.07)	$ 0.04	$ (0.10)	$ (0.06)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Reconciliation of income tax expense (benefit) [Abstract]
Federal income tax provision at statutory rate of 21%	$ (366)	$ 225	$ (430)	$ (262)
Dividends-received deduction	(6)	(10)	(20)	(30)
Other permanent differences	41	22	79	50
Adjustment for prior years' estimates to actual	(21)	(99)	(21)	(99)
Income tax expense (benefit)	(352)	138	$ (392)	(341)
Federal statutory income tax rate			21.00%
Components of income tax expense (benefit) [Abstract]
Current - Federal	(368)	255	$ 204	994
Deferred - Federal	16	(117)	(596)	(1,335)
Income tax expense (benefit)	$ (352)	$ 138	$ (392)	$ (341)

Leases (Details)

Leases (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)Lease
Lease description [Abstract]
Number of operating lease agreements | Lease	2
Lease expense	$ 761
Other information on operating leases [Abstract]
Cash payments included in the measurement of lease liabilities reported in operating cash flows	632
Right-of-use assets included in other assets on balance sheet	$ 5,631
Weighted average discount rate	6.80%
Weighted average remaining lease term in years	7 years 1 month 6 days
Maturities and present value of lease liabilities [Abstract]
Remainder of 2019	$ 182
2020	978
2021	1,015
2022	1,031
2023	1,048
Thereafter	3,091
Total undiscounted lease payments	7,345
Less: present value adjustment	1,585
Operating lease liability	$ 5,760
First Lease [Member]
Lease description [Abstract]
Renewal option period	8 years
Second Lease [Member]
Lease description [Abstract]
Renewal option period	7 years
Lease term	10 years

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)Segment	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Segment Information [Abstract]
Number of business units | Segment			2
Assets, Revenue and Income (loss) before income taxes for each business unit [Abstract]
Assets	$ 383,335		$ 383,335		$ 344,274
Revenue	47,745	$ 46,370	145,890	$ 136,353
Income (loss) before income taxes	(1,744)	1,072	(2,048)	(1,246)
Operating Segments [Member] | American Southern [Member]
Assets, Revenue and Income (loss) before income taxes for each business unit [Abstract]
Assets	141,569		141,569		122,724
Revenue	14,605	13,998	45,580	42,174
Income (loss) before income taxes	471	995	3,849	3,892
Operating Segments [Member] | Bankers Fidelity [Member]
Assets, Revenue and Income (loss) before income taxes for each business unit [Abstract]
Assets	216,850		216,850		195,663
Revenue	32,311	31,196	97,931	92,950
Income (loss) before income taxes	(1,334)	512	(3,828)	(1,762)
Corporate and Other [Member]
Assets, Revenue and Income (loss) before income taxes for each business unit [Abstract]
Assets	154,527		154,527		134,643
Revenue	3,069	3,703	9,686	9,122
Income (loss) before income taxes	(881)	(435)	(2,069)	(3,376)
Adjustments & Eliminations [Member]
Assets, Revenue and Income (loss) before income taxes for each business unit [Abstract]
Assets	(129,611)		(129,611)		$ (108,756)
Revenue	$ (2,240)	$ (2,527)	$ (7,307)	$ (7,893)

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Gray Television, Inc [Member]
Related Party Transaction [Abstract]
Remaining fractional interest in aircraft arrangement transferred to related party	$ 151