<?xml version="1.0" encoding="utf-8"?>
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:gen="http://xbrl.org/2008/generic" xmlns:label="http://xbrl.org/2008/label" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd http://xbrl.org/2008/generic http://www.xbrl.org/2008/generic-link.xsd http://xbrl.org/2008/label http://www.xbrl.org/2008/generic-label.xsd">
  <link:arcroleRef arcroleURI="http://xbrl.org/arcrole/2008/element-label" xlink:type="simple" xlink:href="http://www.xbrl.org/2008/generic-label.xsd#element-label" />
  <link:roleRef roleURI="http://www.xbrl.org/2008/role/label" xlink:type="simple" xlink:href="http://www.xbrl.org/2008/generic-label.xsd#standard-label" />
  <link:roleRef roleURI="http://www.xbrl.org/2008/role/verboseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/2008/generic-label.xsd#verbose-label" />
  <gen:link xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="vr-IR_bv0715.xml#boemd_IR_bv0715" xlink:label="loc_boemd_IR_bv0715" />
    <label:label xlink:type="resource" xlink:label="label_boemd_IR_bv0715" xml:lang="en" xlink:role="http://www.xbrl.org/2008/role/label">The value for "Total value of all currencies" reported in IR.02.02 - Assets and liabilities by currency should be equal to the sum of "Value of the solvency II reporting currency", "Value of remaining other currencies" and "Value of material currencies" for all currencies reported.</label:label>
    <gen:arc xlink:type="arc" xlink:arcrole="http://xbrl.org/arcrole/2008/element-label" xlink:from="loc_boemd_IR_bv0715" xlink:to="label_boemd_IR_bv0715" />
    <label:label xlink:type="resource" xlink:label="label_boemd_IR_bv0715_1" xml:lang="en" xlink:role="http://www.xbrl.org/2008/role/verboseLabel">The value for "Total value of all currencies" reported in IR.02.02 - Assets and liabilities by currency should be equal to the sum of "Value of the solvency II reporting currency", "Value of remaining other currencies" and "Value of material currencies" for all currencies reported.</label:label>
    <gen:arc xlink:type="arc" xlink:arcrole="http://xbrl.org/arcrole/2008/element-label" xlink:from="loc_boemd_IR_bv0715" xlink:to="label_boemd_IR_bv0715_1" />
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