A tool for chip removing machining includes an insert holder and a cutting insert attached thereto. The holder includes a longitudinal center axis and terminates in a support surface at a front end of the holder. The support surface defines a seat to which the insert is removably attached. The support surface forms a 45-degree angle with the center axis. The cutting insert includes a contact surface for mounting the insert to the seat, and a plurality of fingers projecting generally radially with respect to the center axis. Each finger includes a cutting edge and an associated chip surface.