Catalina Holdings (Bermuda) Ltd announced today that it has committed £5 million ($6.1 million) in funding to accelerate research into mesothelioma.

The Bermudian company, which specialises in acquiring and managing insurance businesses in run-off, is donating the money through a partnership with the British Lung Foundation.

Mesothelioma is an aggressive form of lung cancer related to asbestos exposure that kills around 2,500 people every year in the UK. It can take decades to develop, so a diagnosis can often be shocking as patients come to terms with the fact that their lungs have slowly been developing a killer disease over many years.

Only around 5 per cent to 10 per cent of people diagnosed with mesothelioma will survive for five years or more.

Chris Fagan, chief executive of Catalina, said: “We’ve committed this funding because we recognise the crucial role the British Lung Foundation plays in advancing research into mesothelioma.

“We also believe that as one of the leading players in the UK employer liability run-off industry, Catalina’s support for their research stands to make a significant difference.

“We hope our funding will accelerate research into the condition, expedite earlier diagnosis to improve patient outcomes and increase the chances of finding a meaningful cure or palliative treatment for those living with mesothelioma.”

“The legacy space, a growing market, often involves complex and challenging historical exposures. Catalina, with the backing of Apollo, is well positioned to meet these challenges.”

Ian Jarrold, head of research at the British Lung Foundation, said: “We’re delighted that Catalina has become a BLF partner and we’re so grateful for the generous donation. This funding will support crucial research into this horrible disease that could help thousands of people every year.”

“It’s thanks to our fantastic partners, and everyone who donates to the BLF, that we’re able to invest in much needed research, and give hope, help and a voice to patients with mesothelioma across the UK.”

Catalina’s funding will support vital research into new life-extending treatments and increase the chances of finding a cure for this aggressive disease.

As the leading charitable funder of mesothelioma research in the UK, the British Lung Foundation is well placed to support research into the development and treatments that can improve patient outcomes.

The partnership will see Catalina make an annual commitment of £1 million over the next five years, with funding directed towards research aimed at achieving improved early diagnosis and trials of high potential drugs. It is hoped the five-year commitment will help to stimulate further interest and investment in the research of mesothelioma from across the industry.