Heat oil in large skillet over medium-high heat until hot. Add onion, bell pepper and garlic; cook and stir 2 to 3 minutes or until crisp-tender.
Stir in water, tomatoes, tomato sauce, Italian seasoning, ground red pepper and fennel. Bring to a boil; add rice. Reduce heat to low; cover and simmer 25 to 35 minutes or until rice is tender, stirring occasionally.
Stir in beans. Cover; simmer an additional 5 to 10 minutes or until thoroughly heated, stirring occasionally.