Combine first 3 ingredients in Dutch oven over medium heat. Bring to a simmer and keep warm.
Heat 1 tablespoon butter and olive oil in a Dutch oven over medium-high heat; add shallots, and sauté until tender. Add rice, and cook, stirring constantly, 1 minute. Add wine, and cook until almost evaporated. Add 1/2 cup warm broth; cook, stirring constantly, until liquid is absorbed.
Repeat procedure with remaining broth, 1/2 cup at a time. Stir in peas and shrimp; cook, stirring constantly, 4 minutes. Stir in radicchio; cook 1 minute or until wilted. Remove from heat. Add remaining 1 tablespoon butter, cheese, and pepper, stirring until cheese melts.