A London company which is now part of Bermuda's ACE Ltd. has successfully defended itself against a law suit by an insurance underwriter who claimed she was deprived of about 2 million ($3.3 million) of shares while on maternity leave.

Jane Hayes, 36, a former senior underwriter with Charman Underwriting Agencies (CUA) at Lloyd's, told an employment tribunal that she was given 2.5 million ($4.1 million) worth of shares in 1994 while away from work having her first child.

She claimed that male employees of equivalent status received more than 4 million ($6.6 million). Mrs. Hayes, in her law suit, claimed that CUA management had practised sexual discrimination and constructively dismissed her.

Representing Mrs. Hayes, Melanie Tether had earlier told the tribunal: "Adverse treatment on grounds of pregnancy or maternity is necessarily discrimination on the grounds of sex.'' John Charman was managing director of the agency at the time. It has since been taken over by ACE and Mr. Charman has been appointed chief executive officer of ACE Global Markets and deputy chairman of ACE INA Holdings Inc. He was one of a team of five who reorganised the structure of Lloyd's in the mid-1990s.

Mr. Charman told the tribunal that he had passed over Mrs. Hayes because she was "in it for herself''.

In spite of admitting that Mrs. Hayes did 20 hours of work a week from home while on maternity leave, Mr. Charman said: "She was not someone who naturally put herself out. She did the minimum amount of work necessary.'' Other employees were more crucial to the agency, he argued.

Mr. Charman did admit excluding Mrs. Hayes from a meeting, saying: "Don't worry yourself because we are discussing something we decided when you were off having babies.'' Mrs. Hayes said that after taking maternity leave in 1994 and 1996, her working relations with Mr. Charman deteriorated to the point where he excluded her from a cocktail party for an associate's retirement, saying he would find it "personally offensive if she came''.

The London tribunal rejected Mrs. Hayes' claims of sex discrimination and constructive dismissal but found that the company was in breach of contract over some notice monies that they accepted were due to her.

Mrs. Hayes, who was responsible for underwriting onshore and offshore energy risks accounts, earned about 100,000 ($165,000) a year with bonuses. She said on Friday: "I have consistently made clear that I pursued this as a matter of principle.

Professional women should be able both to sustain a career and be a good mother.'' John Charman BUSINESS BUC