BUZZ — Vontobel cuts Swiss Re to 'hold' on softer reinsurance cycle, fair valuation
* Vontobel downgrades Swiss Re to "hold" from "buy", pointing to recent strong share performance, softening cycle for property and casualty reinsurance * "Property & Casualty Reinsurance pricing environment has been challenging since the beginning of the year, and we do not see a reversal in the current pricing cycle a