NCG Professional Risks(NCG), a London-based Lloyd's insurance and reinsurance broker, has changed its name to Oxford Insurance Brokers, with immediate effect.

NCG has said that the change of name reflects the positive development of the company in recent years and its aspirations for the future, following the Financial Service Authority (FSA) approved investment by BP Marsh & Partners.

The investment is being used to drive Oxford Insurance Broker’s growth plans to diversify the business further and strengthen its core areas of focus, doubling in size over the next five years, according to the NCG.

NCG has added that the name change will not impact on the management of the company and US Risk (UK), a subsidiary of US Risk Insurance Group, remains the parent company of Oxford Insurance Brokers.

Oxford Insurance Brokers managing director Neill Cotton said, the company has been operating under the NCG brand since 1999 and this name change is the first step on an exciting journey of new growth and expansion.