MS says reinsurers 'golden era' over; cuts Munich Re, Swiss Re

** Morgan Stanley says the reinsurers' "golden era" of positive pricing, revenue growth and tighter terms and conditions is ending and advises to better differentiate between the companies

** As the cycle has started to turn for the reinsurers, U.S. hurricane season comes amid growing uncertainty about federal government's role in paying for disaster expenses, MS says

** Among the European reinsurers, MS says it continues to favour Hannover Re HNR1 and SCOR SCR, both "overweight"-rated

** It looks more cautiously on Munich Re MUV2 and Swiss Re SREN, cutting both to "underweight" from "equal-weight" on exposure to weakened backdrop and ongoing FX pressures

** The end of the reinsurance "golden era" should help narrow the valuation gap for the U.S. peers Arch and RenRe vs the larger European ones - MS