Burbank Insurance has acquired National Corporate Broking Penrith, a founding member of Steadfast.

The sale comes as NCB Penrith director Colin Toan retires after 33 years. Veteran broker Paul Babet will continue in a management role.

Burbank executive and BMIA Broker Network CEO David Moir says Penrith and western Sydney are among NSW’s fastest-growing areas, which “will only accelerate” when the new airport opens nearby.

“It could not be a better time for this acquisition,” he said. “With this exciting acquisition, NCB Penrith now stands proudly under the expanding BMIA Broker Network, paving the way for incredible opportunities and continued success.”

BMIA Broker Network launched last September. Mr Moir previously said it was “born from the idea of having a broker network run by brokers for brokers”.