100 year old house with 90% new / newer wiring, New panel installed 18months ago, service and meter and weather head from ~60's.

About a month ago i noticed some of my lights flickering. I shrugged it off until i saw it happening more consistently. The circuits i was seeing the flickering on were both old and new. I went outside and my meter base is looking a bit weathered and it is rusting at the bottom. I then popped the cover off my panel.

As you can see the electrician used these splices. The red one seems to have failed or at least the outer insulation has failed. The circuits that are flickering are on this leg.

My questions are:
1) what kind of splice is this?
2) why did it fail?
3) At 18 months out should i expect a warrante repair?

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