THQ has officially cancelled the Insane trilogy, which was first announced in December 2010. The games was supposed to be developed by Volition Studios with the help of movie director Guillermo Del Toro. THQ did say that the rights for the games have been returned to Del Toro, so it is still a possibility that another publisher could pick it up. The game was in very early pre-production, and THQ has not made any more comments since the cancellation. As of this years E3, the game was still a go so this is a very recent development.
I will be sure to post any more information as it comes up.