In a large pot or 5-quart dutch oven, heat oil.
Add red bell pepper, onion, garlic, sausage, chicken, and sauté until onions are tender and chicken is no longer pink.
Add uncooked rice, paprika, pepper, oregano, thyme, and bay leaf. Stir to combine.
Add broth, water, tomato paste, hot sauce, and diced tomatoes, stir.
Bring to a boil. Reduce heat, cover, and simmer for 15 - 20 minutes, until rice is tender. Gently stir occasionally just to make sure rice is not sticking to the bottom of the pot.
Add shrimp and stir in, remove from heat, cover, and let stand for 5 minutes.
When ready to serve, remove the bay leaf and garnish with chopped parsley if desired.