A generally parallelogram-shaped cutting insert includes a top face; first and second main radial clearance faces, each intersecting the top face; first and second minor axial clearance faces each intersecting the top face and connecting the first and second main radial clearance faces; and a main cutting edge at the intersection of the top face and the first main radial clearance face. According to one non-limiting embodiment, the main cutting edge comprises a variable radial rake angle including a portion having a positive radial rake angle and a portion having a negative radial rake angle.