Atlantic American is a small insurance holding company with two operating subsidiaries: American Southern (property and casualty) and Bankers Fidelity (life and health). American Southern focuses on commercial auto insurance for government and municipal fleet accounts, writing multi-year policies for state governments, local municipalities, and large motor pools. These are large, individually priced accounts where American Southern tailors pricing to each fleet's own claims history. Auto liability and physical damage make up roughly 79% of American Southern's net earned premiums, with general liability and surety bonds accounting for most of the rest. American Southern is licensed in 32 states and sells through specialized independent agents and direct competitive bids. Bankers Fidelity sells Medicare supplement (Medigap) insurance, which covers out-of-pocket costs that traditional Medicare does not, to individuals and employer groups across 46 states. Medicare supplement accounts for roughly 65% of Bankers Fidelity's net earned premiums, with the remainder split between life insurance, cancer and critical illness, and other accident and health products. Bankers Fidelity distributes through a network of about 6,200 licensed independent agents. Both segments operate a straightforward insurance model — collecting premiums, investing the float, and paying claims — and both earn investment income on policyholder reserves. Atlantic American manages a roughly $230M investment portfolio, predominantly corporate bonds. The parent company has no independent operations and depends entirely on dividends and fees from its two subsidiaries.