<?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-IMO_bv0381.xml#boemd_IMO_bv0381" xlink:label="loc_boemd_IMO_bv0381" />
    <label:label xlink:type="resource" xlink:label="label_boemd_IMO_bv0381" xml:lang="en" xlink:role="http://www.xbrl.org/2008/role/label">As the 1year and ultimate means should be equivalent, the 1year standard deviation multiplied by the ultimate mean should be less than or equal to the ultimate standard deviation multiplied by the 1year mean</label:label>
    <gen:arc xlink:type="arc" xlink:arcrole="http://xbrl.org/arcrole/2008/element-label" xlink:from="loc_boemd_IMO_bv0381" xlink:to="label_boemd_IMO_bv0381" />
    <label:label xlink:type="resource" xlink:label="label_boemd_IMO_bv0381_1" xml:lang="en" xlink:role="http://www.xbrl.org/2008/role/verboseLabel">As the 1year and ultimate means should be equivalent, the 1year standard deviation multiplied by the ultimate mean should be less than or equal to the ultimate standard deviation multiplied by the 1year mean</label:label>
    <gen:arc xlink:type="arc" xlink:arcrole="http://xbrl.org/arcrole/2008/element-label" xlink:from="loc_boemd_IMO_bv0381" xlink:to="label_boemd_IMO_bv0381_1" />
  </gen:link>
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