QBE Insurance Group Ltd. denied media speculation that it was in discussions with Allianz Group about a possible takeover.

The Australia-headquartered insurer said Jan. 30 that "it is not in discussions with Allianz or any other potential buyer."

QBE was responding to media reports that Allianz made an informal approach to QBE to gauge its interest in a takeover deal. No acquisition price was proposed to QBE, Reuters reported Jan. 30, citing "a source familiar with the situation."

Allianz had reportedly floated an offer of A$15 per share, Handelsblatt reported.

Allianz declined to comment.

As of Jan. 27, US$1 was equivalent to A$1.32.