Cook beans in boiling water 4 minutes or until crisp-tender; drain. Rinse with cold water until cool; drain.
Combine broth and 2 cups water in a medium saucepan; bring to a simmer (do not boil). Keep warm over low heat.
Heat oil in a large Dutch oven over medium-high heat. Add onion; sauté 3 minutes. Add bell pepper, thyme, and garlic; sauté 5 minutes. Add rice; cook 2 minutes, stirring constantly. Reduce heat to medium. Add wine and saffron; cook 2 minutes or until wine is nearly absorbed, stirring constantly. Add 1 cup of broth mixture; cook 4 minutes or until liquid is nearly absorbed, stirring constantly. Add remaining broth mixture, 1/2 cup at a time, stirring constantly until each portion of broth mixture is absorbed before adding the next (about 25 minutes total). Stir in beans; cook 1 minute or until thoroughly heated. Remove from heat; stir in cheese, juice, salt, and black pepper. Serve immediately.