PCC is a single legal entity comprising a sponsoring core, and a number of segregated parts, or “protected cells.” Under the applicable laws governing PCCs, this structure creates a legal, distinct and functional segregation of the PCC’s assets and liabilities into a number of different protected cells (individual cell owners) and a central core sponsor (PCC owner).

Each cell is completely independent and separate from the other cells, as well as from the core "non-cellular" assets of the company.