<?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_bv1864.xml#boemd_IR_bv1864" xlink:label="loc_boemd_IR_bv1864" />
    <label:label xlink:type="resource" xlink:label="label_boemd_IR_bv1864" xml:lang="en" xlink:role="http://www.xbrl.org/2008/role/label">The sum of 'Gross Reported but not Settled Claims (RBNS)' reported in IR.19.01.01.05, in the latest diagonal, for the line of business '7 - 7 and 19 Fire and other damage to property insurance' should be higher or equal to the sum of 'Gross RBNS at the end of the period' reported in IR.20.01.01.01, (column c0050, rows (r0010 to r0150); column c0130, rows (r0010 to r0150 and r0170); column c0190, rows (r0010 to r0150), for the line of business '7 - Fire and other damage to property insurance'.</label:label>
    <gen:arc xlink:type="arc" xlink:arcrole="http://xbrl.org/arcrole/2008/element-label" xlink:from="loc_boemd_IR_bv1864" xlink:to="label_boemd_IR_bv1864" />
    <label:label xlink:type="resource" xlink:label="label_boemd_IR_bv1864_1" xml:lang="en" xlink:role="http://www.xbrl.org/2008/role/verboseLabel">The sum of 'Gross Reported but not Settled Claims (RBNS)' reported in IR.19.01.01.05, in the latest diagonal, for the line of business '7 - 7 and 19 Fire and other damage to property insurance' should be higher or equal to the sum of 'Gross RBNS at the end of the period' reported in IR.20.01.01.01, (column c0050, rows (r0010 to r0150); column c0130, rows (r0010 to r0150 and r0170); column c0190, rows (r0010 to r0150), for the line of business '7 - Fire and other damage to property insurance'.</label:label>
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  </gen:link>
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