  In this article, we introduce a new definition of bankruptcy for a spectrally
negative L\'evy insurance risk process. More precisely, we study the
Gerber-Shiu distribution for a ruin model where at each time the surplus goes
negative, an independent negative random level is considered. If a negative
excursion of the surplus exceeds such random level then the insurance company
goes out of business. Our methodology uses excursion theory and relies on the
description of the excursion measure away from 0 which was recently obtained by
the authors in Pardo et al. (see arXiv:1507.05225). Our results are given in
terms of the so-called scale functions.
