Pre-heat oven to 350° F. Add olive oil to an 8 quart sauté pan or dutch oven over high heat. Salt and pepper lamb and sauté for ten minutes, browning all sides. Remove lamb and place on a plate or dish.
Add the sliced carrots and onions to the pan, stirring constantly. Once browned (about 8 minutes), remove from pan and put aside in a dish.
Deglaze the pan with wine and reduce by half.
Mix chicken stock, crushed garlic, tomato paste, bay leaf and thyme into sauce. Add lamb and vegetables.
Cover the pot and place in the oven. Roast for about 2 hours, checking from time to time. At two hours, add the beans and cook for an additional thirty minutes.*If using dried beans cover in water without salt and cook for about 45-60 minutes until soft. To serve, carve the lamb and arrange with beans and vegetables. Spoon over with sauce.