<?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_bv1882.xml#boemd_IR_bv1882" xlink:label="loc_boemd_IR_bv1882" />
    <label:label xlink:type="resource" xlink:label="label_boemd_IR_bv1882" xml:lang="en" xlink:role="http://www.xbrl.org/2008/role/label">Total guarantees / collateral in place' on template S31.01.04 should equal sum of 'Asset arrangement as collateral to support the reinsurer exposure' plus 'Financial guarantees as collateral to support the reinsurer exposure' plus 'Cash deposits' on template S31.01.04 for each individual row.</label:label>
    <gen:arc xlink:type="arc" xlink:arcrole="http://xbrl.org/arcrole/2008/element-label" xlink:from="loc_boemd_IR_bv1882" xlink:to="label_boemd_IR_bv1882" />
    <label:label xlink:type="resource" xlink:label="label_boemd_IR_bv1882_1" xml:lang="en" xlink:role="http://www.xbrl.org/2008/role/verboseLabel">Total guarantees / collateral in place' on template S31.01.04 should equal sum of 'Asset arrangement as collateral to support the reinsurer exposure' plus 'Financial guarantees as collateral to support the reinsurer exposure' plus 'Cash deposits' on template S31.01.04 for each individual row.</label:label>
    <gen:arc xlink:type="arc" xlink:arcrole="http://xbrl.org/arcrole/2008/element-label" xlink:from="loc_boemd_IR_bv1882" xlink:to="label_boemd_IR_bv1882_1" />
  </gen:link>
</link:linkbase>