segregated cell captive (SCC)
A special purpose insurer (typically operating as a rental captive) that
establishes legally segregated cells or underwriting accounts. The objective
is to ensure that assets in one underwriting account may not be used to satisfy
liabilities in another underwriting account, nor the general (noncellular) liabilities
of the SCC. Noncellular assets may or may not be available to satisfy cellular
liabilities. May also be called a segregated portfolio company (SPC), protected
cell company, or a separate account company (SAC).