BUZZ-European reinsurers: "Turning more positive, but still selective" - UBS

** UBS says it finds "pockets of improvement" in the European reinsurance industry thanks to better pricing, but the year-to-date pull-back in bond yields has tapered the earnings outlook

** The broker says European reinsurers tick the balance sheet box, but there is pressure on property and casualty reinsurance pricing/margins

** Approaching hurricane season, UBS finds the industry's excess capital dynamic more favourable vs 2017-2018, and another year with increased loss may consolidate a repricing theme

** Seeking exposure to this theme, UBS says it prefers short-tailed, specialty-biased players who do not need further pricing improvement, like Scor and Lancashire

** UBS ups Scor to "buy" from "neutral" on strong and improving fundamentals, says the company is well placed to capitalise on the pricing backdrop