Burbank Insurance has expanded its footprint in Western Sydney with the acquisition of National Corporate Broking (NCB) Penrith, a brokerage with more than three decades of operation and a founding member of the Steadfast Group.
The acquisition follows the retirement of NCB founder Colin Toan. Paul Babet, who has been a part of NCB’s leadership, will continue in a senior role as the business transitions into the Burbank fold.
The move places NCB Penrith under the BMIA Broker Network banner, positioning it to leverage both network support and regional development.
BMIA CEO David Moir said the acquisition reflects a broader focus on growth corridors within New South Wales.
“It could not be a better time for this acquisition. Penrith and Western Sydney, in general, are [two] of the fastest growing areas in NSW. This will only accelerate once the Western Sydney International Airport opens. NCB [is] a welcome addition to the group,” he said.
This transaction coincides with a broader uptick in global merger and acquisition activity.
WTW’s Quarterly Deal Performance Monitor, conducted in partnership with Bayes Business School, found that companies engaging in large-scale M&A outperformed the market by 1.5 percentage points during Q1 2025 – the first positive performance in over a year and a half. The analysis included deals exceeding US$100 million finalised between January and March.
The Asia-Pacific region recorded a 5.8-percentage-point outperformance over regional indexes. The total volume of global M&A deals rose 12.6% year-on-year to US$984.38 billion, driven primarily by activity in Asia.
As companies navigate uncertain conditions, some are shifting focus toward domestic acquisitions to reduce dependence on international supply chains and mitigate trade exposure. These adjustments reflect broader efforts to streamline operations and gain greater control over logistics and production.
In Australia, regulatory developments are also influencing deal activity. The Australian Competition and Consumer Commission (ACCC) has released draft guidelines outlining how it plans to assess transactions under the new merger control framework, which will be mandatory from Jan. 1, 2026.
ACCC commissioner Philip Williams said the guidelines are intended to clarify how competition law principles will apply to mergers under the updated regime.
Although the key legal test remains unchanged – focusing on whether a merger substantially reduces competition – the ACCC has signalled that it will more closely examine the strengthening or entrenchment of market power.
