Ulrec the Travelling Merchant is a non-player character who can be encountered in random dungeons below Torchlight. He appears with a yellow coin bag icon above his head and is invulnerable to both player and monster attacks (including AOE attacks).
Ulrec is a merchant and has a random assortment of rings, necklaces, spells, gems and potions to offer, somewhat similar to Triya in the town of Torchlight. Occasionally he also sells map scrolls.