Using cotton kitchen twine, tie thyme, parsley, and bay leaf into a bundle; set aside.
Heat a Dutch oven or 5-quart heavy pot with a lid over medium-low. Add bacon; cook until browned, about 10 minutes. Using a slotted spoon, transfer to a paper-towel-lined plate to drain (leave bacon fat in pot).
Raise heat to medium-high. Season chicken generously with salt and pepper. Working in three batches to avoid crowding, brown chicken about 4 minutes per side. Transfer to a plate; set aside.
Add onion, carrots, and garlic to pot. Cook until onion softens, about 4 minutes. Stir in tomato paste and flour; cook 1 minute.
Add wine, broth, chicken, and herb bundle. Bring to a boil; cover, and reduce to a simmer. Cook 10 minutes; uncover, and simmer until chicken is cooked through, about 10 minutes. Remove and discard herb bundle; stir in bacon.