Before Grimnir disappeared into the north he gifted his son, Morgrim, one of his legendary axes. This very axe has been passed down through the generations and it is possession of this artefact that identifies a High King.
Source: Warhammer Fantasy: 7th Edition
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Magic Weapon
The axe bears the Master Rune of Skalf Blackhammer, the Master Rune of Alaric the Mad and the Giantbane Master Rune. The Giantbane Master Rune turns each wound inflicted by the axe into D3 wounds, or D6 if the opponent is a Troll or Giant. There is no other runic item known that combines three master runes in this way.