I thought this may be interesting for everyone that kindly responded to my request for help; I found an online document from 1943 (US Government publication), that was a guide to the Italian army in WW2. It showed this insignia as being Royal Italian Army Cavalry of the Line (Cavalleria de Linea) for Regiments 5-10 (lancers). On closer inspection of the back of the insignia in the photo in my original post, it looks to me like the writing may say "Cavalleria" for the top word, and "Lancieri" for the bottom word. It is possible that the underlined number/letter at the bottom of the insignia could be a 6 for 6th Regiment. I will keep digging to see where it may have been picked up but I just wanted to say a huge thank you to every one for pointing out that it was Italian; I would still be looking at British insignia otherwise! Tim