A cutting insert includes a head portion having a number of cutting edges and a centering pin which is disposed about a central longitudinal axis and which is coupled to, and extends axially away from, the main head portion. The centering pin includes a recess structured to accommodate a portion of a setscrew. The recess includes: a first angled surface disposed generally facing away from a leading end of the centering pin at an acute first angle with respect to the longitudinal axis of the centering pin; and a second angled surface which is positioned opposing the first angled surface at an acute second angle with respect to the longitudinal axis of the centering pin.