I Cyrith, here a rough conceptual sketch for Water Bug...
I try to mix the concept of a former hitman with the water bug aspect... with a little touch of magneto's stance and dignity...
He got the tear drop partial mask (I could also do a full face mask with no mouth), the 9mm gun, a water force field and he bring down a TK cascade of water on his ennemies...
I add a visible shell armor (bug-like) instead of the undercover vest and gave him a short cape cut into a bug motif...
I think the water bug logo on the chest is a little too much and should probably be remove...
What do you think? Does it look like what you have in mind?