(99.1)

NEWS RELEASE
For Immediate Release

                      Atlantic American Corporation ISSUES
                     $25 MILLION IN TAXABLE VARIABLE RATE DEMAND BONDS

ATLANTA,  Georgia,  June 24, 1999 - Atlantic American Corporation  (Nasdaq:AAME)
today announced it has issued $25 million in Taxable Variable Rate Demand Bonds,
Series  1999,  to  replace  the   Company's   existing  bank  debt  facility  in
anticipation  of its  previously-announced  acquisition of Association  Casualty
Insurance Company and its affiliate, Association Risk Management General Agency,
Inc.  The  acquisition  of  the  Texas-based  workers'  compensation   insurance
underwriter is scheduled to be completed in early July. In connection  with that
acquisition, Atlantic American expects to enter into a new credit facility to be
used in part to fund the cash portion of the purchase price.

The bond  offering will lower  overall  interest  costs and the proceeds will be
used to pay off the  majority  of an  existing  $ 26 million  term  loan.  Rated
AA/A-1+ by Standard & Poor's,  the bonds will  mature  July 1, 2009,  will pay a
variable  interest  rate that  approximates  30-day  LIBOR,  and are backed by a
Letter of Credit issued by Wachovia Bank,  N.A. The cost of the Letter of Credit
and its associated  fees will be 180 basis points,  making the effective cost to
the  company  approximately  LIBOR  plus 180 basis  points,  which is  currently
approximately 6.8 percent.

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

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

For further information contact:

      Edward L. Rand, Jr., VP and Treasurer     Janice Kuntz
      Atlantic American Corporation             Fleishman-Hillard
      (404) 266-5500                            (404) 659-4446