A generous backer with a long history of supporting the St Baldrick’s Foundation has announced a five-year $4.3 million commitment to the cause of life-saving childhood cancer research.

The Bermudian-based firm Allied World Assurance has been closely involved in the head-shaving charitable movement in Bermuda as well as the US since 2001, through corporate donations and employee involvement.

Its links deepened in 2007 when John Bender, now chairman for Allied World’s reinsurance and risk management, and one of the originators of St Baldrick’s with a group of friends, was taken on by the company as chief operating officer of US reinsurance.

Kevin Maloney, a senior vice-president at the giant company in New York, was back on the island again this year to continue his fundraising campaign for the cause in memory of his late wife, Lisa, who lost her life to the disease in 2016.

The company’s donations over the foundation’s history included a two-year $700,000 pledge to St Baldrick’s in 2024, supporting the charity’s continuing work along with two research projects.

Its latest commitment goes towards the Allied World — St Baldrick’s Survivorship and Supportive Care Research Grant Programme.

The programme aims to improve the quality of life for children undergoing treatment, as well as for survivors dealing with the long-term effects of therapy.

The millions will also help fund innovative research by eight early-career physician-scientists on enhanced treatments and outcomes for children with cancer.

Lou Iglesias, Allied World’s president and chief executive, said that the commitment stood for “our dedication to advancing critical research that will improve treatment outcomes and quality of life for children”.

Kathleen Ruddy, the CEO of St Baldrick’s, said the “historic” pledge would fuel “groundbreaking research and improve the lives of children facing cancer”.