No, he only loans him to you. At the end of the quest he takes him back. If you like the style of the hat, you will have your choice of several similar ones, bear or wolf, later on, about mid 60's level. Either for use, or appearance, depending on class.
The Uncaged Alzid in Laboratory of Lord Vyemm (Bonemire) drops a set of class hats, and if you are 110, mentor down and and its easily soloable (at level 65-70 it's a raid). Korgo the Vault Keeper in The Vaults of El'Arad (Barren Sky, level 65-70) also drops a set of class hats. Korgo's hats sometimes show up on the broker as well. The Hood of Farseeing is dropped by oracle Tuunza in Sanctum of the Scaleborn (Tenebrous Tangle, levels 60-70) and is a white bear-head hat. If the hat you want is the one for your class and you are level 65+, then you can go see Hoo'loh in Barren Sky and do the quest Blood of the Brood, or you can do the Cloud Mount questline and get a whole set of KoS class armor. You can also go kill trash in either Labs of Lord Vyemm or in Deathtoll to get the dropped relic armor patterns, then you get the proper gems and schlep it down to the giants' armory in Solusek's Eye and get it made into the appropriate piece.
