SYDNEY—QBE Insurance Group Ltd. has denied reports that it is searching for an external replacement for its CEO, Frank O’Halloran.

Belinda Hutchinson, chair of Sydney-based QBE, issued a statement Wednesday that said the board had not hired an external recruiter to fill the CEO role.

In the statement, Ms. Hutchinson said that reports Mr. O’Halloran, 64, soon will step down as CEO were “completely false.”

She said Mr. O’Halloran had publicly stated his willingness to continue as CEO and would “remain the CEO for the foreseeable future.”

Ms. Hutchinson added that the company “has a longstanding and successful succession-planning process.”