Monaco's Pierre Casiraghi and Beatrice Borromeo Welcome Son — and His Name Is So Classic

While the world’s eyes were on one very exciting wedding in the U.K., Monaco’s royal family grew by one.

Princess Caroline‘s son Pierre Casiraghi and his wife Beatrice Borromeo welcomed a son on Monday, palace sources confirm to PEOPLE.

The boy, who is the couple’s second child, will be tenth in line for the principality’s throne. Pierre and Beatrice gave their new son a classically Italian name: Francesco. His full name is Francesco Carlo Albert, and he has a big connection to Hollywood royalty, as his great-grandmother is the late Princess Grace.

Pierre, 30, and Beatrice, 32, confirmed their pregnancy in March when they stepped out for the 64th annual Bal de la Rose. The couple, who married in two lavish ceremonies in Summer 2015, already have 14-month-old son, Stefano.

Both Caroline, 61, and Beatrice, the Countess Paola Marzotto, shared their joy in the birth through a brief official communique late Tuesday afternoon.

In 2016, Beatrice opened up about her desire to have a large family in an interview with Glamour magazine, saying, “I come from a big family, and I want children of my own. At the moment I’m thinking about putting my career in a place where it would not get threatened by the presence of children.”

Caroline’s son Andrea Casiraghi and his wife Tatiana Santo Domingo also just welcomed a baby, son Maximilian Rainier, in April. Maximilian is their third child.

Prince Albert previously told PEOPLE how his sister Caroline was looking forward to the expansion of her royal family.

“She’s a very good mother, and probably an even better grandmother now if that’s possible,” Albert said in January 2017. “She really raised her kids well. Without a father for many years, that’s important. I’m incredibly proud of her children and to have them turn out as they have — that’s a tribute to her.”