A good polishing should take that out, it looks much worse than it is, trust me I've seen this before. At this point I would look for a good detailers to do this. But you could do it yourself. If that's the case then some elbow grease with a decent polish will take care of it.
That said for bug removal there are many products on the market that can accomplish this. The one that I use on my details is Poorboys World Bug Squash
Its Going To Cost How Much???????