1. Pour the chicken broth into a small saucepan and reduce to 1/3 cup over high heat. Add heavy cream and continue reducing over medium-high heat until desired sauce consistency.
2. In a large stock pot, bring 4 quarts water to boil. Add 1 tablespoons salt. Add penne; stir to separate. Cook until al dente; drain.
3. In the mean time, in large frying pan, saute ham in olive oil over medium heat until slightly golden. Remove to separate dish. Add red and yellow pepper to pan and saute for 1-2 minutes. Add jalapenos, salt and pepper and saute until peppers are softened; about 2-3 minutes.
4. Place pasta in large serving bowl. Add ham and peppers and pour sauce over it. Toss to combine. Sprinkle with parmesan cheese. Sauce will thicken as it cools. Serve warm.