<?xml version="1.0" encoding="UTF-8"?>
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="mem.xsd#boec_b1" xlink:label="loc_boec_b1" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b1" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Bonuses added at date of claim</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b1" xlink:to="label_boec_b1" />
    <link:loc xlink:href="mem.xsd#boec_b10" xlink:label="loc_boec_b10" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b10" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Business transfers-out</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b10" xlink:to="label_boec_b10" />
    <link:loc xlink:href="mem.xsd#boec_b11" xlink:label="loc_boec_b11" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b11" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Expenses incurred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b11" xlink:to="label_boec_b11" />
    <link:loc xlink:href="mem.xsd#boec_b12" xlink:label="loc_boec_b12" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b12" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Acquisition commission</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b12" xlink:to="label_boec_b12" />
    <link:loc xlink:href="mem.xsd#boec_b13" xlink:label="loc_boec_b13" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b13" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Acquisition management expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b13" xlink:to="label_boec_b13" />
    <link:loc xlink:href="mem.xsd#boec_b14" xlink:label="loc_boec_b14" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b14" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Renewal commission</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b14" xlink:to="label_boec_b14" />
    <link:loc xlink:href="mem.xsd#boec_b15" xlink:label="loc_boec_b15" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b15" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Renewal management expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b15" xlink:to="label_boec_b15" />
    <link:loc xlink:href="mem.xsd#boec_b16" xlink:label="loc_boec_b16" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b16" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Claims management expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b16" xlink:to="label_boec_b16" />
    <link:loc xlink:href="mem.xsd#boec_b17" xlink:label="loc_boec_b17" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b17" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Investment management expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b17" xlink:to="label_boec_b17" />
    <link:loc xlink:href="mem.xsd#boec_b18" xlink:label="loc_boec_b18" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b18" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Overhead expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b18" xlink:to="label_boec_b18" />
    <link:loc xlink:href="mem.xsd#boec_b19" xlink:label="loc_boec_b19" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b19" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other management expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b19" xlink:to="label_boec_b19" />
    <link:loc xlink:href="mem.xsd#boec_b2" xlink:label="loc_boec_b2" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Clawback of past bonuses at date of claim</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b2" xlink:to="label_boec_b2" />
    <link:loc xlink:href="mem.xsd#boec_b20" xlink:label="loc_boec_b20" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b20" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Interest payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b20" xlink:to="label_boec_b20" />
    <link:loc xlink:href="mem.xsd#boec_b21" xlink:label="loc_boec_b21" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b21" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Taxation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b21" xlink:to="label_boec_b21" />
    <link:loc xlink:href="mem.xsd#boec_b22" xlink:label="loc_boec_b22" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b22" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other expenditure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b22" xlink:to="label_boec_b22" />
    <link:loc xlink:href="mem.xsd#boec_b23" xlink:label="loc_boec_b23" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b23" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Acquisition expenses - commission relating to business accepted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b23" xlink:to="label_boec_b23" />
    <link:loc xlink:href="mem.xsd#boec_b24" xlink:label="loc_boec_b24" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b24" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Acquisition expenses - other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b24" xlink:to="label_boec_b24" />
    <link:loc xlink:href="mem.xsd#boec_b25" xlink:label="loc_boec_b25" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b25" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Reinsurance Commissions and profit Participations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b25" xlink:to="label_boec_b25" />
    <link:loc xlink:href="mem.xsd#boec_b26" xlink:label="loc_boec_b26" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b26" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Investment income including realised and unrealised gains/(losses)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b26" xlink:to="label_boec_b26" />
    <link:loc xlink:href="mem.xsd#boec_b27" xlink:label="loc_boec_b27" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b27" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other than Claims management expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b27" xlink:to="label_boec_b27" />
    <link:loc xlink:href="mem.xsd#boec_b28" xlink:label="loc_boec_b28" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b28" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Changes in other technical provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b28" xlink:to="label_boec_b28" />
    <link:loc xlink:href="mem.xsd#boec_b29" xlink:label="loc_boec_b29" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b29" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Claims management (allocated)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b29" xlink:to="label_boec_b29" />
    <link:loc xlink:href="mem.xsd#boec_b3" xlink:label="loc_boec_b3" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b3" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Cash bonuses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b3" xlink:to="label_boec_b3" />
    <link:loc xlink:href="mem.xsd#boec_b30" xlink:label="loc_boec_b30" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b30" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Claims management (unallocated)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b30" xlink:to="label_boec_b30" />
    <link:loc xlink:href="mem.xsd#boec_b33" xlink:label="loc_boec_b33" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b33" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Technical expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b33" xlink:to="label_boec_b33" />
    <link:loc xlink:href="mem.xsd#boec_b34" xlink:label="loc_boec_b34" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b34" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Expenses other than administration, investments management, claims management, acquisition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b34" xlink:to="label_boec_b34" />
    <link:loc xlink:href="mem.xsd#boec_b35" xlink:label="loc_boec_b35" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b35" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other than administration, investments management, claims management, acquisition, renewal and overhead</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b35" xlink:to="label_boec_b35" />
    <link:loc xlink:href="mem.xsd#boec_b36" xlink:label="loc_boec_b36" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b36" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Administration, investments management, acquisition and overhead</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b36" xlink:to="label_boec_b36" />
    <link:loc xlink:href="mem.xsd#boec_b37" xlink:label="loc_boec_b37" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b37" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Claims management expenses less allocated loss adjustment expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b37" xlink:to="label_boec_b37" />
    <link:loc xlink:href="mem.xsd#boec_b38" xlink:label="loc_boec_b38" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b38" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Claims management expenses. Allocated loss adjustment expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b38" xlink:to="label_boec_b38" />
    <link:loc xlink:href="mem.xsd#boec_b39" xlink:label="loc_boec_b39" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b39" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Claims management expenses less allocated loss adjustment expenses, acquisition reinsurance minus commissions and profit participations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b39" xlink:to="label_boec_b39" />
    <link:loc xlink:href="mem.xsd#boec_b4" xlink:label="loc_boec_b4" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b4" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Reversionary bonuses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b4" xlink:to="label_boec_b4" />
    <link:loc xlink:href="mem.xsd#boec_b40" xlink:label="loc_boec_b40" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b40" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Acquisition costs, commissions, claims management costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b40" xlink:to="label_boec_b40" />
    <link:loc xlink:href="mem.xsd#boec_b41" xlink:label="loc_boec_b41" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b41" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other than unallocated claims management expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b41" xlink:to="label_boec_b41" />
    <link:loc xlink:href="mem.xsd#boec_b42" xlink:label="loc_boec_b42" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b42" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other than investment income and realised and unrealised gains/(losses)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b42" xlink:to="label_boec_b42" />
    <link:loc xlink:href="mem.xsd#boec_b5" xlink:label="loc_boec_b5" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b5" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other bonuses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b5" xlink:to="label_boec_b5" />
    <link:loc xlink:href="mem.xsd#boec_b6" xlink:label="loc_boec_b6" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b6" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Business transfers-in</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b6" xlink:to="label_boec_b6" />
    <link:loc xlink:href="mem.xsd#boec_b7" xlink:label="loc_boec_b7" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b7" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Investment income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b7" xlink:to="label_boec_b7" />
    <link:loc xlink:href="mem.xsd#boec_b8" xlink:label="loc_boec_b8" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b8" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Realised and unrealised gains/(losses)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b8" xlink:to="label_boec_b8" />
    <link:loc xlink:href="mem.xsd#boec_b9" xlink:label="loc_boec_b9" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b9" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other than Business transfers-in, Investment income and Realised and unrealised gains/(losses)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b9" xlink:to="label_boec_b9" />
  </link:labelLink>
</link:linkbase>
