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The names are randomized each time you enter a new tier. If you have friends in that tier, it'll try to put you in the same one.
League names are purely cosmetic and are essentially formed by randomly pairing a champion’s name with an appropriately epic plural noun. Some examples include Katarina’s Assassins or Vi’s Brawlers. We’d like to assure you that no champion, living or undead, receives preferential treatment (except the Great and Brutal Warlord Teemo) on the basis of race, gender, species, political allegiance or extra-dimensional origins. Riot Games is an equal opportunity league-namer. Unfortunately, we can’t let you pick your league name, so if you’re not satisfied, consider it an extra incentive to fight your way to the top and get promoted. Once you’ve earned a new tier, you’ll be placed into a new league with a new name.
The divisions are randomly assigned champion names + ...adjectives? (Last English class to cover that was too long ago.) Teemo's Pyromancers, Zilean's Brawlers, stuff like that. The names likely repeat at some point, but there are a lot of combinations.
I'm not sure what the EUW principle is on the names since there are multiple supported languages for that server.