There is disclosed an insert cutter which includes a tool body (21) having a plurality of mounting recesses (24) formed in an outer peripheral surface (23) thereof and a plurality of cutter inserts (7) each releasably secured to a respective one of the mounting recesses (24) and a plurality of pressing members (36) each received in a respective hole (27). Each of the mounting recesses (24) defines an abutment face (26b) facing axially forwardly of the tool body (21). The tool body (21) has a plurality of holes (27) formed in the outer peripheral surface (23) thereof and extending radially inwardly thereof. Each of the holes (27) has an inner wall and is displaced rearwardly of the tool body (21) from a respective one of the mounting recesses (24). Each of the cutter inserts (7) has a face (7b) held in contact with the abutment face (26b) of a respective one of the mounting recesses (24). Each pressing member (36) is pressed against the inner wall of the hole (27), whereby that portion of the tool body (21) between the hole (27) and the mounting recess (24) is elastically deformed.
