What does Ulf mean?
From the Old Norse 'ulfr', meaning 'wolf'. A common standalone name in medieval Scandinavia and the source of the '-ulf' ending in many Norse compound names.
What does Brand mean?
From the Old Norse 'brandr', which meant both 'firebrand' (a burning piece of wood) and, by extension, 'sword blade'. The fire sense is the original one; the name is sometimes glossed 'sword' for the derived meaning.