Former British Prime Minister Margaret Thatcher has died at the age of 87.

Thatcher's former adviser, Tim Bell, said she died peacefully Monday morning following a stroke. Nicknamed the "Iron Lady," Bell said Thatcher was one of the most remarkable prime ministers in British history.

British Prime Minister David Cameron said Monday that Britain has “lost a great leader, a great Prime Minister and a great Briton.”

Thatcher was the first woman to achieve the post and Britain's only prime minister of the 20th century to win three consecutive terms.

Thatcher will receive a ceremonial funeral similar in status to funerals held for the Queen Mother and Princess Diana. Thatcher stated in her will that she did not want a state funeral.