“British Overseas Territories” is the politically-correct name for the old British Colonies (or Empire). Each colony was allocated a single registration series -xAA to xZZ with a prefix of VP-, VQ- or VR-.
Bermuda was originally VR-BAA to VR-BZZ but this was changed when VR-B was given to China for use in Hong Kong after 1997. In the event the Chinese have yet to use it.
Bermuda became VP-BAA to VP-BZZ (which was originally for Bahamas who had changed to C6- after independence).
Bottom line: VP-B is Bermuda which is one of the few remaining British Overseas Territories.
(Edit: for a complete history, settle into a comfy chair and read this: daveg4otu.tripod.com/pref.html . Bet you’re sorry you asked now )