Bring broth and water to a boil in a medium saucepan over high heat. Add broccoli, cover and continue cooking until tender, about 8 minutes. Stir in beans, salt and pepper and continue cooking until the beans are heated through, about 1 minute.
Transfer half the mixture to a blender with half the cheese and puree. (Use caution when pureeing hot liquids.) Transfer to a bowl. Repeat with the remaining broccoli mixture and cheese. Serve warm.