  We analyze the general L\'{e}vy insurance risk process for L\'{e}vy measures
in the convolution equivalence class $\mathcal{S}^{(\alpha)}$, $\alpha>0$, via
a new kind of path decomposition. This yields a very general functional limit
theorem as the initial reserve level $u\to \infty$, and a host of new results
for functionals of interest in insurance risk. Particular emphasis is placed on
the time to ruin, which is shown to have a proper limiting distribution, as
$u\to \infty$, conditional on ruin occurring under our assumptions. Existing
asymptotic results under the $\mathcal{S}^{(\alpha)}$ assumption are
synthesized and extended, and proofs are much simplified, by comparison with
previous methods specific to the convolution equivalence analyses.
Additionally, limiting expressions for penalty functions of the type introduced
into actuarial mathematics by Gerber and Shiu are derived as straightforward
applications of our main results.
