<?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:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_1" xlink:type="simple" xlink:href="hier.xsd#boec_boec_1" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_10" xlink:type="simple" xlink:href="hier.xsd#boec_boec_10" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_11" xlink:type="simple" xlink:href="hier.xsd#boec_boec_11" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_12" xlink:type="simple" xlink:href="hier.xsd#boec_boec_12" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_13" xlink:type="simple" xlink:href="hier.xsd#boec_boec_13" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_14" xlink:type="simple" xlink:href="hier.xsd#boec_boec_14" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_15" xlink:type="simple" xlink:href="hier.xsd#boec_boec_15" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_16" xlink:type="simple" xlink:href="hier.xsd#boec_boec_16" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_17" xlink:type="simple" xlink:href="hier.xsd#boec_boec_17" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_2" xlink:type="simple" xlink:href="hier.xsd#boec_boec_2" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_3" xlink:type="simple" xlink:href="hier.xsd#boec_boec_3" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_4" xlink:type="simple" xlink:href="hier.xsd#boec_boec_4" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_5" xlink:type="simple" xlink:href="hier.xsd#boec_boec_5" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_6" xlink:type="simple" xlink:href="hier.xsd#boec_boec_6" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_7" xlink:type="simple" xlink:href="hier.xsd#boec_boec_7" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_8" xlink:type="simple" xlink:href="hier.xsd#boec_boec_8" />
  <link:roleRef roleURI="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_9" xlink:type="simple" xlink:href="hier.xsd#boec_boec_9" />
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_1" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x0" xlink:label="loc_s2c_x0" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x0" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Total/NA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x0" xlink:to="label_s2c_x0" />
    <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">Pool members</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_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">Other than pool members</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:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_10" xlink:type="extended">
    <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">1 - Composite undertakings</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x95" xlink:label="loc_s2c_x95" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x95" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - Life undertaking</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x95" xlink:to="label_s2c_x95" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x96" xlink:label="loc_s2c_x96" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x96" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">3 - Non-Life undertakings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x96" xlink:to="label_s2c_x96" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_11" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x95" xlink:label="loc_s2c_x95" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x95" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - Life undertakings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x95" xlink:to="label_s2c_x95" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x96" xlink:label="loc_s2c_x96" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x96" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">3 - Non-Life undertakings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x96" xlink:to="label_s2c_x96" />
    <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">4 - Undertakings pursuing both life and non-life insurance activity (where the activities include only those set out in paragraph 2.3 of Supervisory Statement (SS) 8/15 - Solvency II: the treatment of pension scheme risk)</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">5 - Undertakings pursuing both life and non-life insurance activity that are not captured by option 4</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x75" xlink:label="loc_s2c_x75" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x75" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">6 - Reinsurance undertakings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x75" xlink:to="label_s2c_x75" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_12" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x95" xlink:label="loc_s2c_x95" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x95" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Life insurance undertaking</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x95" xlink:to="label_s2c_x95" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x96" xlink:label="loc_s2c_x96" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x96" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - Non-life insurance undertaking</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x96" xlink:to="label_s2c_x96" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x75" xlink:label="loc_s2c_x75" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x75" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">3 - Reinsurance undertaking</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x75" xlink:to="label_s2c_x75" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x9" xlink:label="loc_s2c_x9" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x9" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">4 - Composite undertaking</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x9" xlink:to="label_s2c_x9" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x41" xlink:label="loc_s2c_x41" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x41" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">5 - Insurance holding company as defined in the Glossary part of the PRA Rulebook</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x41" xlink:to="label_s2c_x41" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x52" xlink:label="loc_s2c_x52" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x52" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">6 - Mixed-activity insurance holding company as defined in Rule 1.2 in the Group Supervision Part of the PRA Rulebook.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x52" xlink:to="label_s2c_x52" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x94" xlink:label="loc_s2c_x94" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x94" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">7 - Mixed financial holding company as defined in the Glossary part of the PRA Rulebook</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x94" xlink:to="label_s2c_x94" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x125" xlink:label="loc_s2c_x125" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x125" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">8 - Credit institution, investment firm and financial institution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x125" xlink:to="label_s2c_x125" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x37" xlink:label="loc_s2c_x37" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x37" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">9 - Institution for occupational retirement provision</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x37" xlink:to="label_s2c_x37" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x3" xlink:label="loc_s2c_x3" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x3" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">10 - Ancillary services undertaking as defined in the Glossary part of the PRA Rulebook.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x3" xlink:to="label_s2c_x3" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x60" xlink:label="loc_s2c_x60" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x60" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">11 - Non-regulated undertaking carrying out financial activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x60" xlink:to="label_s2c_x60" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x81" xlink:label="loc_s2c_x81" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x81" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">12 - Insurance special purpose vehicle authorised in accordance the PRA Rulebook</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x81" xlink:to="label_s2c_x81" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x82" xlink:label="loc_s2c_x82" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x82" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">13 - Special purpose vehicle other than an insurance special purpose vehicle authorised in accordance the PRA Rulebook.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x82" xlink:to="label_s2c_x82" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x103" xlink:label="loc_s2c_x103" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x103" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">14 - UCITS management companies as defined in the Glossary part of the PRA Rulebook</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x103" xlink:to="label_s2c_x103" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x124" xlink:label="loc_s2c_x124" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x124" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">15 - Alternative investment funds managers as defined in the Glossary part of the PRA Rulebook</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x124" xlink:to="label_s2c_x124" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x93" xlink:label="loc_s2c_x93" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x93" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">99 - Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x93" xlink:to="label_s2c_x93" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_13" xlink:type="extended">
    <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">A.M. Best Europe, Rating Services Limited</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">ARC Ratings</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_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">DBRS Ratings Limited</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x170" xlink:label="loc_s2c_x170" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x170" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Egan-Jones Ratings Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x170" xlink:to="label_s2c_x170" />
    <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">Fitch Ratings Limited</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x168" xlink:label="loc_s2c_x168" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x168" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">HR Ratings de Mexico</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x168" xlink:to="label_s2c_x168" />
    <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">Kroll Bond Rating Agency UK Limited</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x132" xlink:label="loc_s2c_x132" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x132" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Japan Credit Rating Agency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x132" xlink:to="label_s2c_x132" />
    <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">Moody’s Investors Service Limited</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_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">S&amp;P Global Ratings UK Limited</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_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">Scope Ratings UK Limited</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_b31" xlink:label="loc_boec_b31" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b31" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">The Economist Intelligence Unit Limited</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b31" xlink:to="label_boec_b31" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x174" xlink:label="loc_s2c_x174" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x174" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other nominated ECAI</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x174" xlink:to="label_s2c_x174" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_14" xlink:type="extended">
    <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">A.M. Best Europe, Rating Services Limited</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">ARC Ratings</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x134" xlink:label="loc_s2c_x134" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x134" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Creditreform Rating AG</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x134" xlink:to="label_s2c_x134" />
    <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">DBRS Ratings Limited</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x170" xlink:label="loc_s2c_x170" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x170" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Egan-Jones Ratings Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x170" xlink:to="label_s2c_x170" />
    <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">Fitch Ratings Limited</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x168" xlink:label="loc_s2c_x168" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x168" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">HR Ratings de Mexico</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x168" xlink:to="label_s2c_x168" />
    <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">Kroll Bond Rating Agency UK Limited</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x132" xlink:label="loc_s2c_x132" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x132" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Japan Credit Rating Agency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x132" xlink:to="label_s2c_x132" />
    <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">Moody’s Investors Service Limited</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_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">S&amp;P Global Ratings UK Limited</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_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">Scope Ratings UK Limited</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_b31" xlink:label="loc_boec_b31" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b31" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">The Economist Intelligence Unit Limited</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b31" xlink:to="label_boec_b31" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x174" xlink:label="loc_s2c_x174" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x174" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other nominated ECAI</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x174" xlink:to="label_s2c_x174" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_15" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x54" xlink:label="loc_s2c_x54" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x54" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - Mutual</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x54" xlink:to="label_s2c_x54" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x58" xlink:label="loc_s2c_x58" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x58" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">2 - Non-mutual</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x58" xlink:to="label_s2c_x58" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_16" xlink:type="extended">
    <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">1 - LEI</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">9 - None</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:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_17" xlink:type="extended">
    <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">A.M. Best Europe - Rating Services Limited</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">ARC Ratings</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x134" xlink:label="loc_s2c_x134" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x134" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Creditreform Rating AG</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x134" xlink:to="label_s2c_x134" />
    <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">DBRS Ratings Limited</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x170" xlink:label="loc_s2c_x170" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x170" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Egan-Jones Ratings Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x170" xlink:to="label_s2c_x170" />
    <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">Fitch Ratings Limited</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x168" xlink:label="loc_s2c_x168" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x168" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">HR Ratings de Mexico</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x168" xlink:to="label_s2c_x168" />
    <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">Kroll Bond Rating Agency UK Limited</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x132" xlink:label="loc_s2c_x132" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x132" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Japan Credit Rating Agency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x132" xlink:to="label_s2c_x132" />
    <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">Moody’s Investors Service Ltd</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_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">S&amp;P Global Ratings UK Limited</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_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">Scope Ratings UK Limited</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_b31" xlink:label="loc_boec_b31" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b31" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">The Economist Intelligence Unit Limited</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b31" xlink:to="label_boec_b31" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x174" xlink:label="loc_s2c_x174" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x174" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other nominated ECAI</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x174" xlink:to="label_s2c_x174" />
    <link:loc xlink:href="mem.xsd#boec_x192" xlink:label="loc_boec_x192" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_x192" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">No ECAI has been nominated</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_x192" xlink:to="label_boec_x192" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_2" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x0" xlink:label="loc_s2c_x0" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x0" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Total/NA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x0" xlink:to="label_s2c_x0" />
    <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">Mutual members</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_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">Other than mutual members</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:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_3" xlink:type="extended">
    <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">Undertakings pursuing both life and non-life insurance activity</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x96" xlink:label="loc_s2c_x96" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x96" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Non-Life undertakings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x96" xlink:to="label_s2c_x96" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_4" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x91" xlink:label="loc_s2c_x91" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x91" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Sovereign</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x91" xlink:to="label_s2c_x91" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x120" xlink:label="loc_s2c_x120" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x120" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Non-financial corporations (ESA sector S.11)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x120" xlink:to="label_s2c_x120" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x5001" xlink:label="loc_s2c_x5001" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x5001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Financial corporations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x5001" xlink:to="label_s2c_x5001" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_5" xlink:type="extended">
    <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">4 - External Captive (re)insurance entity</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">5 - Internal / Intra-group / related party (re)insurance entity, other than where falls into 11, 12, 13, 15</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">6 - External (re)insurance entity (ie that is not part of the same group, or a related party, of the reporting / reinsured undertaking), other than where falls into 4, 8, 9, 10, 14</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">8 - External Special Purpose Vehicle - without the option for secondary investment trading</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">9 - External non-state Pool legally recognised (re)insurance entity</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:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x101" xlink:label="loc_s2c_x101" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x101" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">10 - State pool (re)insurance entity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x101" xlink:to="label_s2c_x101" />
    <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">11 - Intra-group / related party Captive (re)insurance entity</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">12 - Intra-group / related party Special Purpose Vehicle, including sidecars without the option for secondary investment trading</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">13 - Intra-group / related non-state pool legally recognised (re)insurance entity</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">14 - External Special Purpose Vehicle - with the option for secondary investment trading e.g. catastrophe bonds</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">15 - Intra-group / related party Special Purpose Vehicle, including sidecars with the option for secondary investment trading, e.g. catastrophe bonds</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_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">16 - Collateral provider</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:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_6" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x189" xlink:label="loc_s2c_x189" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x189" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">AM Best</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x189" xlink:to="label_s2c_x189" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x176" xlink:label="loc_s2c_x176" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x176" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Fitch</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x176" xlink:to="label_s2c_x176" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x177" xlink:label="loc_s2c_x177" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x177" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Moody’s</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x177" xlink:to="label_s2c_x177" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x178" xlink:label="loc_s2c_x178" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x178" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Standard &amp; Poor's</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x178" xlink:to="label_s2c_x178" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x174" xlink:label="loc_s2c_x174" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x174" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x174" xlink:to="label_s2c_x174" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x175" xlink:label="loc_s2c_x175" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x175" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Multiple ECAI</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x175" xlink:to="label_s2c_x175" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x0" xlink:label="loc_s2c_x0" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x0" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">NA (If no ECAI used)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x0" xlink:to="label_s2c_x0" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_7" xlink:type="extended">
    <link:loc xlink:href="mem.xsd#boec_b32" xlink:label="loc_boec_b32" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b32" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">1 - B2B (Business to Business)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b32" xlink:to="label_boec_b32" />
    <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">2 - Private</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_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">3 - Both</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:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_8" xlink:type="extended">
    <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">A.M. Best Europe, Rating Services Limited</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">ARC Ratings</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x134" xlink:label="loc_s2c_x134" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x134" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Creditreform Rating AG</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x134" xlink:to="label_s2c_x134" />
    <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">DBRS Ratings Limited</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x170" xlink:label="loc_s2c_x170" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x170" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Egan-Jones Ratings Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x170" xlink:to="label_s2c_x170" />
    <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">Fitch Ratings Limited</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x168" xlink:label="loc_s2c_x168" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x168" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">HR Ratings de Mexico</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x168" xlink:to="label_s2c_x168" />
    <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">Kroll Bond Rating Agency UK Limited</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x132" xlink:label="loc_s2c_x132" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x132" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Japan Credit Rating Agency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x132" xlink:to="label_s2c_x132" />
    <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">Moody’s Investors Service Limited</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_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">S&amp;P Global Ratings UK Limited</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_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">Scope Ratings UK Limited</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_b31" xlink:label="loc_boec_b31" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_boec_b31" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">The Economist Intelligence Unit Limited</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_boec_b31" xlink:to="label_boec_b31" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x174" xlink:label="loc_s2c_x174" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x174" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Other nominated ECAI</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x174" xlink:to="label_s2c_x174" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x187" xlink:label="loc_s2c_x187" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x187" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">No ECAI has been nominated and a simplification is being used to calculate the SCR</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x187" xlink:to="label_s2c_x187" />
  </link:labelLink>
  <link:labelLink xlink:role="http://www.bankofengland.co.uk/data/xbrl/c/role/dict/dom/s2c_SE/boec_9" xlink:type="extended">
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x132" xlink:label="loc_s2c_x132" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x132" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Japan Credit Rating Agency Ltd (LEI code: 35380002378CEGMRVW86)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x132" xlink:to="label_s2c_x132" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x133" xlink:label="loc_s2c_x133" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x133" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">BCRA-Credit Rating Agency AD (LEI code: 747800Z0IC3P66HTQ142)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x133" xlink:to="label_s2c_x133" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x134" xlink:label="loc_s2c_x134" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x134" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Creditreform Rating AG (LEI code: 391200PHL11KDUTTST66)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x134" xlink:to="label_s2c_x134" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x135" xlink:label="loc_s2c_x135" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x135" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Scope Ratings GmbH (previously Scope Ratings AG and PSR Rating GmbH)(LEI code: 391200WU1EZUQFHDWE91)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x135" xlink:to="label_s2c_x135" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x136" xlink:label="loc_s2c_x136" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x136" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">ICAP SA (LEI code: 2138008U6LKT8VG2UK85)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x136" xlink:to="label_s2c_x136" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x137" xlink:label="loc_s2c_x137" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x137" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">GBB-Rating Gesellschaft für Bonitätsbeurteilung GmbH (LEI code: 391200OLWXCTKPADVV72)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x137" xlink:to="label_s2c_x137" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x138" xlink:label="loc_s2c_x138" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x138" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">ASSEKURATA Assekuranz Rating-Agentur GmbH (LEI code: 529900977LETWLJF3295)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x138" xlink:to="label_s2c_x138" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x139" xlink:label="loc_s2c_x139" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x139" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">ARC Ratings, S.A. (previously Companhia Portuguesa de Rating, S.A) (LEI code: 213800OZNJQMV6UA7D79)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x139" xlink:to="label_s2c_x139" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x189" xlink:label="loc_s2c_x189" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x189" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">AM Best Europe</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x189" xlink:to="label_s2c_x189" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x185" xlink:label="loc_s2c_x185" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x185" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">A.M. Best (EU) Rating Services B.V. (LEI code: 549300Z2RUKFKV7GON79)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x185" xlink:to="label_s2c_x185" />
    <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">AM Best Europe-Rating Services Ltd. (AMBERS) (LEI code: 549300VO8J8E5IQV1T26)</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x186" xlink:label="loc_s2c_x186" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x186" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">DBRS Rating GmbH (LEI code: 54930033N1HPUEY7I370)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x186" xlink:to="label_s2c_x186" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x176" xlink:label="loc_s2c_x176" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x176" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Fitch</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x176" xlink:to="label_s2c_x176" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x142" xlink:label="loc_s2c_x142" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x142" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Fitch France S.A.S. (LEI code: 2138009Y4TCZT6QOJO69)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x142" xlink:to="label_s2c_x142" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x143" xlink:label="loc_s2c_x143" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x143" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Fitch Deutschland GmbH (LEI code: 213800JEMOT1H45VN340)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x143" xlink:to="label_s2c_x143" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x144" xlink:label="loc_s2c_x144" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x144" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Fitch Italia S.p.A. (LEI code: 213800POJ9QSCHL3KR31)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x144" xlink:to="label_s2c_x144" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x145" xlink:label="loc_s2c_x145" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x145" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Fitch Polska S.A. (LEI code: 213800RYJTJPW2WD5704)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x145" xlink:to="label_s2c_x145" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x146" xlink:label="loc_s2c_x146" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x146" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Fitch Ratings España S.A.U. (LEI code: 213800RENFIIODKETE60)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x146" xlink:to="label_s2c_x146" />
    <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">Fitch Ratings Limited (LEI code: 2138009F8YAHVC8W3Q52)</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_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">Fitch Ratings CIS Limited (LEI code: 213800B7528Q4DIF2G76)</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x177" xlink:label="loc_s2c_x177" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x177" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Moody’s</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x177" xlink:to="label_s2c_x177" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x149" xlink:label="loc_s2c_x149" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x149" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Moody’s Investors Service Cyprus Ltd (LEI code: 549300V4LCOYCMNUVR81)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x149" xlink:to="label_s2c_x149" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x150" xlink:label="loc_s2c_x150" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x150" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Moody’s France S.A.S. (LEI code: 549300EB2XQYRSE54F02)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x150" xlink:to="label_s2c_x150" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x151" xlink:label="loc_s2c_x151" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x151" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Moody’s Deutschland GmbH (LEI code: 549300M5JMGHVTWYZH47)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x151" xlink:to="label_s2c_x151" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x152" xlink:label="loc_s2c_x152" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x152" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Moody’s Italia S.r.l. (LEI code: 549300GMXJ4QK70UOU68)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x152" xlink:to="label_s2c_x152" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x153" xlink:label="loc_s2c_x153" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x153" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Moody’s Investors Service España S.A. (LEI code: 5493005X59ILY4BGJK90)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x153" xlink:to="label_s2c_x153" />
    <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">Moody’s Investors Service Ltd (LEI code: 549300SM89WABHDNJ349)</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_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">Moody’s Investors Service EMEA Ltd (LEI code: 54930009NU3JYS1HTT72)</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="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x184" xlink:label="loc_s2c_x184" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x184" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Moody’s Investors Service (Nordics) AB (LEI code: 549300W79ZVFWJCD2Z23)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x184" xlink:to="label_s2c_x184" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x178" xlink:label="loc_s2c_x178" xlink:type="locator" />
    <link:label xlink:type="resource" xlink:label="label_s2c_x178" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Standard &amp; Poor's</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x178" xlink:to="label_s2c_x178" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x179" xlink:label="loc_s2c_x179" xlink:type="locator" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x158" xlink:to="label_s2c_x158" />
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    <link:label xlink:type="resource" xlink:label="label_s2c_x162" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Cerved Rating Agency S.p.A. (previously CERVED Group S.p.A. ) (LEI code: 8156004AB6C992A99368)</link:label>
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    <link:label xlink:type="resource" xlink:label="label_s2c_x170" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Egan-Jones Ratings Co. (EJR) (LEI code: 54930016113PD33V1H31)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x170" xlink:to="label_s2c_x170" />
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    <link:label xlink:type="resource" xlink:label="label_s2c_x171" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">modeFinance S.r.l. (LEI code: 815600B85A94A0122614)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x171" xlink:to="label_s2c_x171" />
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    <link:label xlink:type="resource" xlink:label="label_boec_b36" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">INC Rating Sp. z o.o. (LEI code: 259400SUBF5EPOGK0983)</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" />
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    <link:label xlink:type="resource" xlink:label="label_s2c_x173" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Rating-Agentur Expert RA GmbH (LEI code: 213800P3OOBSGWN2UE81)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x173" xlink:to="label_s2c_x173" />
    <link:loc xlink:href="http://eiopa.europa.eu/eu/xbrl/s2c/dict/dom/se/mem.xsd#s2c_x181" xlink:label="loc_s2c_x181" xlink:type="locator" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_s2c_x181" xlink:to="label_s2c_x181" />
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    <link:label xlink:type="resource" xlink:label="label_s2c_x183" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en">Nordic Credit Rating AS (LEI code: 549300MLUDYVRQOOXS22)</link:label>
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