The sqadron was born in 1942, they called themselves "Sundowners", during WWII they shot down many Japanese aircraft. On the symbol there are two Corsairs, shooting a "rising sun" into the ocean. And that rising sun is on the tail too. It's one of the most recognisable insignia.
Miss Molly was a specially painted aircraft (CAG bird) featuring noseart in addition to full colour markings.

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TomcatAce