"Lili is named after her great-grandmother, Her Majesty The Queen, whose family nickname is Lilibet," the statement read.
Indeed, the late Prince Philip was known to use the nickname "Lilibet' for his wife. Back in 1947, during his and the Queen's honeymoon, Philip penned a letter to the Queen mother, writing "Lilibet is the only 'thing' in the world which is absolutely real to me".
And during Philip's funeral, a letter from Her Majesty herself was spotted on the casket. The handwriting has been speculated to read, "Your Loving Lilibet".
While Diana was pegged to be the daughter's first name, the couple did pay tribute Harry's late mother through Lili's middle name.
The statement touched on this as well, reading, "Her middle name, Diana, was chosen to honor (sic) her beloved late grandmother, The Princess of Wales".
Prince Harry's mother, Diana, passed away in a tragic car accident back in 1997.
The Duke and Duchess of Cambridge's daughter, Princess Charlotte (Lili's cousin), also shares the middle name Diana.
As for Lili's surname - Mountbatten-Windsor - it is the combined surnames of the Queen and Prince Philip.
Like her older brother Archie, Lili will not be entitled to a royal title such as Princess or Her Royal Highness. However, she is eighth in line to the throne.
Congratulations to the happy couple!
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