Atlantic American Corporation Amends Lease Agreement Increase in Base Rent

On December 26, 2024, Atlantic American Corporation (NASDAQ:AAME) and its subsidiary, Bankers Fidelity Life Insurance Company, announced the signing of a Second Amendment to Lease Agreement with 4370 Peachtree LLC. The amendment, effective January 1, 2025, modifies the current Lease Agreement, dated November 1, 2007, increasing the base rent from $9.50 to $12.00 per annum per square foot.

This lease agreement pertains to the office spaces in Atlanta, Georgia, where Atlantic American leases premises for its principal offices and a portion of its insurance operations. The amendment was made with 4370 Peachtree LLC, a company controlled by Harriett J. Robinson, Atlantic American’s major shareholder and former Board member. Notably, Hilton H. Howell, Jr., Chairman, President, and CEO of Atlantic American, is married to Mrs. Robinson’s daughter, and another Board member, Robin R. Howell, is Mrs. Robinson’s daughter and Mr. Howell’s wife.

The details of the Second Amendment can be found in the attached Exhibit 10.1, which includes the full text of the agreement. As of the filing date, Atlantic American’s stock trades on the NASDAQ Global Market under the ticker symbol AAME. The company has been prompt in adhering to its reporting obligations, as indicated by this Form 8-K filing with the Securities and Exchange Commission.

In compliance with regulatory requirements, Atlantic American has furnished relevant information regarding the entry into a material definitive agreement and provided necessary financial statements and exhibits. The Company’s Vice President, Chief Financial Officer, and Secretary, J. Ross Franklin, signed off on the report on December 30, 2024, as required by the Securities Exchange Act of 1934.

This update comes as part of Atlantic American Corporation’s ongoing efforts to maintain transparent communication with its stakeholders and regulatory bodies. The modification to the lease agreement reflects the company’s operational adjustments and strategic decision-making in managing its real estate assets effectively.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Atlantic American’s 8K filing here.

About Atlantic American

Atlantic American Corporation, through its subsidiaries, provides life and health, and property and casualty insurance products in the United States. It operates through American Southern and Bankers Fidelity segments. The company offers property and casualty insurance products, including commercial automobile insurance coverage for state governments, local municipalities, and other motor pools and fleets; general liability; and inland marine insurance products.