This cocktail is a sort of marriage between a French 75 (a classic drink that combines gin, citrus, and Champagne) and a Negroni, created by New York bartender Phil Ward.
Originally called omelette à la neige (snow omelet) in reference to the fluffy snow-like appearance of the meringue, île flottante (floating island) has a lengthy history that dates back to the 17th century.