From the wiki page for the ring quests (at the end):
http://wiki.project1999.com/Coldain_Ring_Quests
Quote:
Make sure your faction is high enough (warmly or better? which faction?), then give the ring to the Dain in Icewell Keep: Dain Frostreaver IV says '______, your deeds have changed the fate of my people forever. Not since the sacrifice of Colin Dain himself has anyone so selflessly risked so much for our well being. Accept this blessing as a token of my gratitude.'
You receive Protection of the Dain.
Note: If you maintain your allied status to Dain Frostreaver IV, you can turn in your Ring of Dain Frostreaver IV and receive a new Protection of the Dain.
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