I have a few articles on breeding predatory beetles. One is an AES bulletin where the entire issue is dedicated to water beetles and another is a rearing sheet from the cinci zoo. I've also seen a breeding setup at cinci. My experience is limited. For food they'll eat all sorts of aquatic life and other insects such as feeder crickets thrown on the water. They can easily be kept a few years in an aquarium but captive breeding involves a more complicated setup including an emergence area.
We do have some good posts on this subject in various sections of the forum, here. Water beetles are extremely entertaining captives, greatly underappreciated in the general hobby.