A cutting tool has a cutting insert and a holder. The cutting insert has a cutting portion and an insert shank with a cylindrical portion and a non-cylindrical portion. The holder has a clamping portion which has a clamping sleeve and a cage located therein. The cage includes a load member housing with a load member. The cage has a major abutment wall adjacent to a minor abutment wall. The clamping sleeve has first and second inner sections defined by points P1 and P2. A point P3 divides the second inner section into first and second portions. The clamping sleeve is rotatable between a secured and a released position of the cutting tool. In the secured position, the non-cylindrical portion abuts the major abutment wall, the cylindrical portion abuts both the minor abutment wall and the load member, and the load member abuts the first portion.