Hurricane Igor approached Bermuda on Saturday packing powerful winds and heavy rains as the island’s premier warned residents to prepare for “one of the worst hurricanes to ever threaten our shores.”

Squalls were spreading across the British overseas territory as the center of the Category 2 storm moved to within 285 miles of the tiny island en route to what local forecasters called a “direct hit” on the wealthy hub for the global insurance industry.

The U.S. National Hurricane Center forecast that Igor’s center would pass over or near the island late on Sunday or early on Monday, but that conditions would deteriorate on Saturday night, with hurricane conditions expected as early as Sunday afternoon.