Mystery commemorative pin - does anyone know what this is?

I've had it around for a while and it won't tell me where it came from. It's dated 1943, but beyond that...? The three little guys are random service award pins.

 

I've not found squat for any clue as to where to go next... Sorry!
Because of the torch, which seems it may be hand held, it begs a look at the Olympics but those years don't work so......