Kate Middleton, the Duchess of Cambridge, gave birth to a baby girl at 8:34 a.m. BST on Saturday morning.

The Kensington Palace released a statement announcing that the new princess, who is fourth in line to the throne, was "safely delivered," reports BBC. The baby girl weighed 8 pounds, 3 ounces when she was born at St Mary's Hospital in west London.

The statement also says that her Royal Highness and her second child are "doing well." The name of the baby, however, has not yet been announced, but according to The Telegraph, the odds-on favorites are Alice or Charlotte.

The Duke of Cambridge, who was present for the birth of his daughter, also brought his 21-month-old son Prince George to visit his little sister at the hospital.

The couple and their daughter are scheduled to leave the hospital Saturday evening return back to Kensington Palace.

"Their Royal Highnesses would like to thank all staff at the hospital for the care and treatment they have all received. They would also like to thank everyone for their warm wishes," wrote Kensington Palace.

"The Queen, the Duke of Edinburgh, the Prince of Wales, the Duchess of Cornwall, Prince Harry and members of both families have been informed and are delighted with the news," the statement added.

As he left the hospital briefly to pick up his son, Prince William said that he and his wife are "very happy."

The Prince of Wales and the Duchess of Cornwall also declared that they were "absolutely delighted".

"I'm absolutely delighted for them," wrote the Prime Minister David Cameron on Twitter.

Deputy Prime Minister Nick Clegg and his wife also wished them "all the best as their family grows".

"This is great news and an exciting time not only for them, but also Prince George," he said.

The baby princess is Queen Elizabeth's fifth great-grandchild and the first princess to be born into the British monarchy in the last 25 years.